HB 2710 Summary

• Extends the expiration date of tax credits for aerospace engineers from January 1, 2015 to January 1, 2018 in Oklahoma statutes 68 O.S. 2011, Sections 2357.301-2357.304

• Modifies tax credit programs affecting qualified employers in the aerospace sector and their qualified employees who hold engineering degrees from ABET-accredited programs

• Credits include tuition reimbursement credit (up to 50% of qualified employee tuition for years 1-4) and employment compensation credits (10% for in-state graduates, 5% for out-of-state graduates, capped at $12,500 annually for years 1-5)

• Allows qualified employees a personal tax credit of up to $5,000 per year for up to five years of employment in the aerospace sector

• Becomes effective November 1, 2014