HB 2509 Summary

• Amends Oklahoma tax code sections 2357.301-2357.304 relating to tax credits for aerospace sector employees with engineering degrees from accredited programs.

• Extends the tax credit program expiration date from January 1, 2015 to January 1, 2018 for qualified employers and employees in the aerospace industry.

• Modifies the definition of "qualified employee" to include persons regardless of hire date and those employed through professional staffing companies, and clarifies they need not have been exclusively full-time engineers prior to earning their degree.

• Provides tax credits to qualified employers of 50% of tuition reimbursed (capped at average annual tuition at Oklahoma public institutions) and 5-10% of compensation paid for the first five years of employment, with a $12,500 annual cap per employee.

• Allows qualified employees a personal tax credit of up to $5,000 per year for up to five years, with unused credits carried forward for five subsequent years, effective November 1, 2014.