Greater Oklahoma City Chamber - Aerospace tax credit extended

Aerospace tax credit extended

Wednesday, March 26, 2014

by Staff Reports

The Journal Record

OKLAHOMA CITY – A tax credit that Oklahoma provides to aerospace companies that hire engineers would continue until 2018 under a bill that has cleared a Senate committee.

The Senate Finance Committee voted 8-1 Tuesday for the bill by Tulsa Republican Sen. Mike Mazzei.

Oklahoma offers a tax credit to companies on the salary paid to an engineer during the first five years of employment. The most recent figures from the Oklahoma Tax Commission show the credit was claimed on 363 returns for a total cost to the state of $950,000.

Companies can also receive a tax credit of up to 50 percent of the tuition reimbursed to a new engineer graduate.

Mazzei said the tax credit has been an effective tool in recruiting aerospace companies to Oklahoma.