This bill amends the existing income tax law regarding the tax credit for qualified employees in the aerospace sector, specifically updating 68 O.S. 2021, Section 2357.304. The amendment modifies the amount of the tax credit available to qualified employees, allowing a credit of up to $5,000 per tax year for the years 2009 through 2026. For the years 2027 through 2031, the credit increases to $10,000 per tax year. Additionally, the bill removes the previous provision that allowed the credit for tax years up to 2031, thereby narrowing the eligibility period.

The bill also stipulates that the credit can be claimed for a maximum of five years during the lifetime of the qualified employee and may be claimed in nonconsecutive tax years. It maintains that the credit cannot reduce the taxpayer's liability below zero and allows any unused credit to be carried over for up to five subsequent taxable years. The act is set to take effect on November 1, 2026.

Statutes affected:
Introduced: 68-2357.304