This bill amends the existing income tax credit provisions for qualified employers and employees in the aerospace sector as outlined in 68 O.S. 2021, Section 2357.301. The key modification includes expanding the definition of "qualified employer" to encompass institutions of higher education in Oklahoma that have a dedicated research, innovation, and education institute focused on aerospace research and technology. Additionally, the definition of "qualified employee" is refined to specify that it applies to individuals actively working within these research institutes, ensuring that the tax credit is targeted towards those directly involved in aerospace-related research and education.

Furthermore, the bill clarifies that the definition of "qualified employee" will not exclude individuals who have previously qualified for the tax credit and later become employed by a different qualified employer, as long as they have not claimed the credit for the maximum lifetime limit of five years. The act is set to take effect on January 1, 2027, thereby providing a structured timeline for the implementation of these changes to support the aerospace sector and related educational institutions in Oklahoma.

Statutes affected:
Introduced: 68-2357.301