Wednesday, April 9, 2014
OKLAHOMA CITY -- Governor Mary Fallin today signed into law a bill extending tax incentives to employers and employees in the aerospace industry. HB 2509 will extend the sunset date on the aerospace engineer employee and employer tax credit and the employer credit for tuition reimbursement until January 1, 2018. It also clarifies the definition of “qualified employee” to address an issue with previous aerospace interns being unable to access the credit once they have received their engineering degree.
“The aerospace engineer tax credit has helped to create hundreds of new, high paying jobs for skilled Oklahomans,” said Fallin. “It’s also played a key role in maintaining Oklahoma’s position as an internationally recognized hub for aerospace business.”
Over 500 aerospace-related companies are located in Oklahoma, providing 144,000 direct and indirect jobs with an average salary of $56,000. Oklahoma’s aerospace industry generates $4.4 billion annually in revenue, with exports to 170 countries.
Fallin said extending the aerospace engineers tax credit will provide an additional economic boost to the state and the industry.
“When it comes to the growth-potential for aerospace in Oklahoma, the sky is truly the limit. This legislation will help us to attract and retain new business and retain the great jobs made available by industry giants like Boeing and American Airlines.”
HB 2509 was authored by Rep. Earl Sears and Sen. Mike Mazzei.