Senate Bill 1227 Summary

• Extends the expiration date for aerospace sector tax credits from January 1, 2015 to January 1, 2018 in Oklahoma income tax law.

• Modifies definitions in the aerospace tax credit provisions, including clarifying "compensation" to reference IRS Form 1099 and specifying that qualified employees must be engineers in the aerospace sector.

• Maintains three existing tax credit programs: tuition reimbursement credits (up to 50% for employers), employee compensation credits (5-10% depending on graduation location, capped at $12,500 annually), and employee tax credits (up to $5,000 per year for five years).

• Applies to qualified employers and employees in the aerospace industry meeting specific education requirements from ABET-accredited engineering programs.

• Becomes effective November 1, 2014.