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Your Dollar Goes Further in Oklahoma

Oklahoma Is ... Rising

If you haven’t looked at Oklahoma lately, check out these videos and links. Then come home to Oklahoma.

Bring Your Business to Oklahoma

If you have a business ready to relocate or expand, consider Oklahoma, and let the Fast Forward Team make the transition easy.  Learn more today at www.OKcommerce.gov/siteselection.

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Tax Credits Available for Aerospace Engineers

If you’re an engineer interested in the aerospace industry, you should know the Oklahoma legislature has just authorized $5,000 per year tax credits for up to 5 years for engineers hired by Oklahoma aerospace firms – public and private – after January 1, 2008.  (Read more.)

More than 200 aerospace engineers are needed right now in Oklahoma and the demand is not expected to slow.  Visit the links below to Oklahoma aerospace employers for information about applying for specific jobs, and be sure to tell them PROJECT BOOMERANG sent you.

AeroJobsTulsa
Spirit Aerosystems
Tinker Air Force Base
Boeing
Northrop Grumman

Frequently Asked Questions Regarding the Engineer
Tax Credit Program for the Oklahoma Aerospace Industry

What is the purpose of the program and what does it do?

It provides income tax credits to engineers hired by or contracting with aerospace companies after December 31, 2008, and the companies that hire them, with the purpose of enhancing the state’s ability to attract and retain a top-notch workforce pool to the Oklahoma aerospace industry.

When does the program become effective?

January 1, 2009

What are the specific tax credits?

1. Employee Tax Credit

Provides an income tax credit for qualified employees of up to $5,000 per year for a maximum of 5 years.  Any amount of unused credit can be carried over to the following year.  If there is still an amount of credit remaining after 5 years, that unused amount may be carried over to subsequent years.  The qualified employee stops accruing the $5,000 tax credit per year, however, after the 5th year.

1. Employer Tax Credit for Compensation Paid

Provides an annual income tax credit of up to 5 years for qualified employers of 10% of the compensation paid to a qualified employee if the employee received his degree from a university or college in Oklahoma and 5% if the employee received his degree from outside Oklahoma.  This credit cannot exceed $12,500 for each qualified employee annually.

1. Employer Tax Credit for Tuition Reimbursement

Provides an annual income tax credit of up to 4 years for qualified employers for tuition reimbursed to qualified employees.  This credit shall be 50% of the tuition reimbursed to a qualified employee but cannot exceed 50% of the average annual tuition in a qualified program at a public university in Oklahoma.  This credit may only be claimed if the qualified employee received his undergraduate or graduate degree within 1 year of beginning employment with the qualified employer.

Note: None of these income tax credits may be used to reduce the tax liability of the qualified employee or qualified employer to less than zero.

Who qualifies for these tax credits?

The legislation (House Bill 3239) provides that “qualified employees” and “qualified employers” may claim these tax credits. 

1. A “qualified employee” is any person employed by or contracting with a “qualified employer” after December 31, 2008, who has been awarded an undergraduate or graduate degree from a “qualified program” by a college or university, and who was not employed in the aerospace sector in this state immediately preceding employment or contacting with a qualified employer.  Aerospace, mechanical, industrial, electrical engineers in addition to other that are qualified employees are also eligible for these tax credits.
2. A “qualified employer” is any legally recognized business entity such as a general or limited partnership, or a corporation, or a public entity whose principal business activity involves the aerospace sector. 
3. A “qualified program” is a program that has been accredited by the Engineering Accreditation Commission of the Accreditation Board for Engineering and Technology, and awards an undergraduate or graduate degree. 

With respect to the compensation-based tax credit for the qualified employers, is there a cap on the number of qualified employees (engineers) the employer can claim on an annual basis?
No.

What agency will administer this tax credit program?

The Oklahoma Tax Commission. Call (405) 521-3133 or email mkauffmann@oktax.state.ok.us for assistance.

Where are the tax guidelines that define the eligibility for this tax credit? What forms need to be filled out and who are they submitted to?  What additional documentation is required and when is it due? How do I file my Oklahoma Tax return as it pertains to this incentive?

Since this tax credit program is not effective until 2009, the Tax Commission is currently in the process of preparing guidelines (rules) and forms for the purpose of interpreting and administering this program.  If you have questions concerning the preparation of your tax return and claiming these credits, contact your tax preparer or the Tax Commission at the contact information provided above.

Will this lower my taxable income or my tax liability?

These are income tax credits; therefore, they will reduce your tax liability.  That is much better for you, the taxpayer.

What happens to the tuition rebate and the employee tax credit if an employee moves to another company within the first four years of his/her employee?

If the new employer gives a tuition rebate, the tax credit base upon that rebate applies until a total of four years of credit for the employee is reached. Also, if you are working for an Oklahoma aerospace company and subsequently get hired by a second Oklahoma company, you do not qualify for the tax credit.

Where can I find more information?

The Oklahoma Aeronautics Commission at (405) 604-6900 or oac@oac.state.ok.us , and the Oklahoma Aerospace Alliance at (918) 295-7259 or marysmith@spiritbank.com

Where can I read House Bill 3239 that establishes this tax credit program?

The Oklahoma Aeronautics Commission website, www.ok.gov/oac, or the Oklahoma Aerospace Alliance website, www.okaero.com  

SPECIAL NOTE: ** The information included in this FAQ is not based upon an official interpretation or rules of the Oklahoma Tax Commission.**

The time is right to return to Oklahoma. The state is thriving and growing and you can, too. Raise your kids in a safe community. Watch your dollar go further. Cut your commute time. Reconnect with old friends. Oklahoma is calling you home.

Here are just a few of the high-caliber engineering jobs available right now in Oklahoma.*

* These are samples of jobs that were open on May 22, 2008. For current job openings, please visit the links below.

Find More Jobs Here
Oklahoma Job Link
www.AeroJobsTulsa.com
Spirit Aerosystems
USA Jobs in Oklahoma
www.OKcommerce.gov/jobs
www.HireOSUgrads.com (OSU Alumni Association members only)
Oklahoma Engineering Jobs on Monster
Tinker Air Force Base
Boeing
Northrop Grumman