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 December 31, 2026, to December 31, 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 specific 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 tax credit of up to $5,000 per year for a maximum of five years, which can be claimed in nonconsecutive tax years. The bill maintains provisions that prevent the credits from reducing the employer's tax liability below zero and includes a clause that disallows claims for events occurring after July 1, 2010, until that provision ceases to be operative on July 1, 2011. The act is set to take effect on November 1, 2025.

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