The bill amends several sections of the Oklahoma Statutes related to tax credits for the aerospace industry, specifically focusing on employee tuition reimbursement and compensation. It extends the eligibility period for these tax credits from the end of 2026 to the end of 2032. The amendments to Section 2357.302 allow qualified employers to claim a credit for tuition reimbursement for employees who have earned a degree within one year of employment, while Section 2357.303 provides a credit for compensation paid to employees, with varying percentages based on whether the employee graduated from an in-state or out-of-state institution. Additionally, Section 2357.304 allows qualified employees to claim a credit of up to $5,000 per tax year for a maximum of five years.

The bill also includes provisions that prevent the credits from reducing the employer's tax liability below zero and stipulates that no credits can be claimed for events occurring after July 1, 2010, until the provisions are reinstated on July 1, 2011. The effective date for the bill is set for November 1, 2025. Overall, the legislation aims to support the aerospace industry in Oklahoma by incentivizing employers to invest in their employees' education and compensation.

Statutes affected:
Introduced: 68-2357.304
Floor (House): 68-2357.304
Engrossed: 68-2357.304