Oklahoma Gov Fallin Signs Aerospace Engineer Tax Credit

Oklahoma Governor Mary Fallin signed the Oklahoma Aerospace Engineer Tax Credit — reestablishing a tax incentive that was put on moratorium during last year's legislative session. The legislation extends tax credits of $5,000 a year for up to five years to engineers who are hired in Oklahoma. Under the law, companies receive a tax credit equal to 10 percent of the compensation paid to an engineering graduate from an Oklahoma institution of higher education. If the individual did not graduate from an Oklahoma institution of higher education, the company receives a five percent tax credit. The law also grants a tax credit of up to 50% of the tuition reimbursed to a new engineer graduate for the first four years of employment. Oklahoma's aerospace industry is a $12 billion a year industry that employs over 145,000 people. Read the press release...