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Gov. Fallin Signs Extension of Aerospace Engineers Tax Credit
OKLAHOMA CITY - Governor Mary Fallin today signed into law a bill extending tax incentives to employers and employees in the aerospace industry. Senate Bill 120 will extend the sunset date on the aerospace engineer employee and employer tax credit and the employer credit for tuition reimbursement until Jan. 1, 2026. The credits were scheduled to expire Jan. 1, 2018.
"This legislation will help us to attract and retain new business and retain the great jobs made available by industry giants like Boeing and American Airlines," said Fallin. "The aerospace engineer tax credit has helped to create hundreds of new, high-paying jobs for skilled Oklahomans. It's also played a key role in maintaining Oklahoma's position as an internationally recognized hub for aerospace business."
More than 1,100 aerospace-related companies are in Oklahoma, with more than 120,000 workers employed in aerospace and defense-related industries. Oklahoma's aerospace and defense industries generate more than $27 billion in sales annually.
Fallin said extending the aerospace engineers tax credit will provide an additional economic boost to the state and the industry.
Sen. Kim David, the author of the legislation, said extending the aerospace engineers tax credit will provide an additional economic boost to the state and the industry.
"As policymakers, we're always searching for programs that can help grow and diversify our economy," said David, R-Porter, who is chairman of the Senate Appropriations Committee. "The aerospace engineers tax credit has been a tremendous catalyst for growth in the sector, helping our state attract and retain high-paying engineering jobs.
"The state of Oklahoma is poised for even more economic growth and job expansion in the aerospace industry in part due to the program, and I'm proud to author the legislation to expand this successful program. I appreciate the Legislature for passing this bill, and Governor Fallin for signing it into law."
Rep. Scott Fetgatter, House sponsor of SB 120, said the aerospace engineers tax credit is one of the best tax credits that Oklahoma offers.
"For every dollar that we spend on these credits, we are getting two dollars back, said Fetgatter, R-Okmulgee. "This is smart legislation, and if we had more programs like the aerospace tax credits, our state would be in much better fiscal shape."