This bill amends existing Oklahoma income tax laws related to tax credits for qualified employers and employees in the aerospace sector. It modifies the tax years for which these credits can be claimed, changing the eligibility from "taxable years beginning after December 31, 2008, and ending before January 1, 2026" to "tax years 2009 through 2031." The bill outlines specific credits for tuition reimbursement, compensation paid to employees, and individual employee tax credits, with stipulations on the percentage of reimbursement and maximum amounts that can be claimed.

Additionally, the bill specifies that the credits cannot reduce the employer's tax liability below zero and sets limits on the duration for which these credits can be claimed—four years for tuition reimbursement and five years for compensation and employee credits. The effective date for this act is set for November 1, 2025.

Statutes affected:
Introduced: 68-2357.304