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 taxable years ending before January 1, 2026, to those ending before January 1, 2032. The amendments to Section 2357.302 allow qualified employers to claim a credit for tuition reimbursement, while Section 2357.303 provides a credit for compensation paid to employees, with specific percentages based on the employee's educational background. 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 tax credits from reducing the employer's tax liability below zero and stipulates that no credits can be claimed after the fourth or fifth year of employment, depending on the section. Furthermore, it maintains a clause that disallows credits for events occurring on or after July 1, 2010, but allows claims for events after July 1, 2011. The effective date for this act is set for November 1, 2025.

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