Income tax; modifying term of credit for aerospace engineers tuition reimbursement. Effective date.
Impact
By altering the eligibility criteria and extending the time frame for tax credit claims, SB938 intends to incentivize employers to invest in the education of their employees. These changes are projected to positively affect the state's aerospace workforce by easing the financial burden on companies offering tuition reimbursement, promoting recruitment and retention of skilled labor in this critical industry. The emphasis on education and reimbursement aligns the state's fiscal policies with broader economic goals, seeking to cultivate a more qualified workforce.
Summary
Senate Bill 938 aims to amend the income tax legislation in Oklahoma, particularly focusing on the tuition reimbursement tax credits available to qualified employers for their employees. The bill modifies the existing framework of tax credits under Section 2357.302 and Section 2357.404 of the Oklahoma Statutes to extend the timeline during which these credits can be claimed. This act is centered on enhancing workforce development by providing financial incentives for employers to reimburse the tuition of newly-hired aerospace engineers, thus encouraging higher education among potential employees in the aerospace sector.
Income tax; modifying definition; clarifying time period for claiming an income tax credit for a qualified employee in the aerospace sector. Effective date.
Relative to tenant and contract manufacturers of beer, wine, and liquor; allowing pharmacists to administer influenza, COVID-19, and other FDA licensed vaccines without explicit approval from the general court; and, restricting the purchase of real property on or around military installations.