Revenue and taxation; civil engineers; employers; employees; income tax credit; tuition reimbursement; compensation; effective date.
Impact
If enacted, HB2754 would add new provisions to the Oklahoma Statutes regarding tax credits for civil engineering employers. These credits are designed to make it financially advantageous for businesses to hire graduates from programs recognized by the Engineering Accreditation Commission. With a focus on hiring new engineers, the bill aims to enhance the availability of qualified civil engineers within the state, potentially addressing skills shortages in this critical industry.
Summary
House Bill 2754 aims to encourage employment in the civil engineering sector by providing various income tax credits to employers who engage qualified employees. The bill seeks to support hiring practices by allowing credits for compensation paid to new civil engineering employees, tuition reimbursements for educational programs, and additional incentives for those hiring graduates from accredited programs. Implemented through specific provisions, these tax credits could positively influence workforce development in the area of civil engineering.
Contention
There are potential areas of contention surrounding HB2754. Critics may argue that the tax incentives would disproportionately benefit larger firms or those with existing financial stability, while smaller firms may not have the capacity to offer the same level of compensation or tuition reimbursement. Additionally, concerns over the long-term effectiveness of tax credits in genuinely transforming the labor market in civil engineering versus merely extending financial support to already established practices could arise. Advocates, however, maintain that boosting employment in this field is necessary for state infrastructure and development.
Revenue and taxation; income tax credit; qualified employer child care expense; definitions; carryover; fiscal year cap; child care workers; income tax credit; refundability; sunset; effective date.