HB 3287 Summary

• Amends sections 2357.301-2357.304 to redefine "qualified employer" to include companies in agriculture, aerospace/aviation, biology/biotechnology, genomics, weather science, telecommunications, and sensors (not just aerospace sector).

• Establishes tax credits for qualified employers reimbursing tuition to engineering degree holders: 50% of tuition (capped at Oklahoma public institution average) for up to 4 years.

• Provides tax credits for qualified employers paying compensation to engineering graduates: 10% for in-state graduates or 5% for out-of-state graduates, up to $12,500 annually for 5 years.

• Allows qualified employees earning compensation from qualified employers a tax credit of up to $5,000 per year for 5 years, with unused credits carryable forward for 5 subsequent years.

• Changes effective date from January 1, 2009 to January 1, 2011 for all tax credit provisions.