This bill amends several sections of the Oklahoma Statutes related to the aerospace industry tax credits for employee tuition reimbursement and compensation. Specifically, 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 include provisions for a qualified employer to receive a credit for tuition reimbursement of up to 50% for employees who have obtained a degree within one year of employment, as well as a credit for compensation paid to employees, which is set at 10% for in-state graduates and 5% for out-of-state graduates, with a cap of $12,500 annually per employee.

Additionally, the bill allows qualified employees to claim a credit of up to $5,000 per tax year for a maximum of five years, which can be claimed in nonconsecutive years. The bill maintains that these credits cannot reduce the employer's tax liability below zero and includes provisions that prevent claiming credits for events occurring after July 1, 2010, until July 1, 2011. The effective date for this act is set for November 1, 2025.

Statutes affected:
Introduced: 68-2357.304