Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB1858 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. H. A. to ENGR. S. B. NO. 1858 Page 1 1
	3	+	SB1858 HFLR Page 1
	4	+	BOLD FACE denotes Committee Amendments. 1
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28		-	ENGROSSED HOUSE AMENDME NT
29		-	TO
30		-	ENGROSSED SENATE BILL NO . 1858 By: Montgomery and David of the
31		-	Senate
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
32	30
33		-	~~and~~
	31	+	STATE OF OKLAHOMA
34	32
35		-	Martinez of the House
36		-
37		-
38		-
39		-
40		-	[ income tax credit - tuition reimbursements -
41		-	qualified employee in hydrogen manufact uring industry
42		-	credit eligibility - codification - effective date ]
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48		-	AMENDMENT NO. 1. Page 1, line 11, strike the enacting clause
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54		-	Passed the House of Representatives the 19th day of April, 2022.
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58		-
59		-
60		-	Presiding Officer of the House of
61		-	Representatives
62		-
63		-
64		-	Passed the Senate the ____ day of __________, 2022.
65		-
66		-
67		-
68		-
69		-
70		-	Presiding Officer of the Senate
71		-
72		-	ENGR. S. B. NO. 1858 Page 1 1
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	33	+	2nd Session of the 58th Legislature (2022)
96	34
97	35		ENGROSSED SENATE
98	36		BILL NO. 1858 By: Montgomery and David of the
99	37		Senate
100	38
101	39		and
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103	41		Martinez of the House
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109	47		[ income tax credit - tuition reimbursement s -
110	48		qualified employee in hydrogen manufact uring industry
111	49		credit eligibility - codification - effective date ]
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117	55		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
118	56		SECTION 1. NEW LAW A new section of law to be codified
119	57		in the Oklahoma Statutes as Section 2357.407 of Title 68, unless
120	58		there is created a duplication in numbering, reads as follows:
121	59		A. As used in this secti on:
122	60		1. "Compensation" means payments in the form of co ntract labor
123	61		for which the payor is required to provide a Form 1099 to the person
124	62		paid, wages subject to withholding tax paid to a p art-time employee
125	63		or full-time employee, or salary or other remuneration.
126	64		Compensation shall not include employer -provided retirement, medical
127		-	or health-care benefits, reimbursement for travel, meals, lodging ,
128		-	or any other expense;
129		-	2. "Hydrogen manufacturing industry" means establishments whose
130		-	principal business activity involves hydrogen manufacturing, as
131	65
132		-	ENGR. S. B. NO. 1858 Page 2 1
	66	+	SB1858 HFLR Page 2
	67	+	BOLD FACE denotes Committee Amendments. 1
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	92	+	or health-care benefits, reimbursement for travel, meals, lodging ,
	93	+	or any other expense;
	94	+	2. "Hydrogen manufacturing industry" means establishments whose
	95	+	principal business activity involves hydrogen manufacturing, as
157	96		defined or classified in the NAICS Manual u nder Industry Group No.
158	97		325120;
159	98		3. "Institution" means an institution withi n The Oklahoma State
160	99		System of Higher Education or any other public or private college or
161	100		university that is accredited by a national accrediting body;
162	101		4. "Qualified employer" means a sole proprietor, general
163	102		partnership, limited partnership, limited liab ility company,
164	103		corporation, other legally recognized business entity, or public
165	104		entity whose princip al business activity involves hydrogen
166	105		manufacturing, as defined or classified in the NAICS Man ual under
167	106		Industry Group No. 325120;
168	107		5. "Qualified employee" means any person, regardless o f the
169	108		date of hire, employed in this state by or contracting in this state
170	109		with a qualified employer on or after January 1, 2023, who was not
171	110		employed in the hydrogen manufacturing industry in this state
172	111		immediately preceding employment or contracting w ith a qualified
173	112		employer, and who has been either:
174	113		a. awarded an undergraduate or graduate degree from a
175	114		qualified program by an institution, or
176		-	b. licensed as a professional engineer by the State Board
177		-	of Licensure for Professional Engineers and Land
178		-	Surveyors pursuant to Section 475.15 of Title 59 of
179		-	the Oklahoma Statutes.
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181		-	ENGR. S. B. NO. 1858 Page 3 1
	116	+	SB1858 HFLR Page 3
	117	+	BOLD FACE denotes Committee Amendments. 1
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	142	+	b. licensed as a professional engineer by the State Board
	143	+	of Licensure for Profess ional Engineers and Land
	144	+	Surveyors pursuant to Section 475.15 of Title 59 of
	145	+	the Oklahoma Statutes.
206	146		Provided, the definition shall not be interpreted to exclude any
207	147		person who was not a full-time engineer and was employed in the
208	148		hydrogen manufacturing industry prior to being awarded an
209	149		undergraduate or graduate degree from a qualified program by an
210	150		institution or any person who has been awarded an undergraduate or
211	151		graduate degree from a qualified program by an institution and is
212	152		employed by a professional s taffing company and assigned to work in
213	153		the hydrogen manufacturing industry in this state;
214	154		6. "Qualified program" means a program at an institution that
215	155		includes a graduate or undergraduate program that has been
216	156		accredited by the Engineering Accreditation Commission of the
217	157		Accreditation Board for Engineering and Technology (ABET) and that
218	158		awards an undergraduate or graduate degree. Both the undergraduate
219	159		and graduate programs of the same discipline of engineering at an
220	160		institution shall be part of the qua lified program if either program
221	161		is ABET accredited; and
222	162		7. "Tuition" means the average annual amoun t paid by a
223	163		qualified employee for enrollment and instruction in a qualified
224	164		program. Tuition shall not include the cost of books, fees, or room
225	165		and board.
226		-	B. For tax years 2023 through 2033, a qualified employer shall
227		-	be allowed a credit against the tax imposed pursuant to Section 2355
228		-	of Title 68 of the Oklahoma Statutes for tuition reimbursed to a
229		-	qualified employee.
230	166
231		-	ENGR. S. B. NO. 1858 Page 4 1
	167	+	SB1858 HFLR Page 4
	168	+	BOLD FACE denotes Committee Amendments. 1
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	193	+	B. For tax years 2023 through 2033, a qualified employer shall
	194	+	be allowed a credit against the tax imposed pursuant to Section 2355
	195	+	of Title 68 of the Oklahoma Statutes for tuition reimbursed to a
	196	+	qualified employee.
256	197		C. The credit authorized by subsection B of this section may be
257	198		claimed only if the qualified employee has been awarded an
258	199		undergraduate or graduate degree within one (1) year of commencing
259	200		employment with the qualified employer.
260	201		D. The credit authorized by subsection B of this section shall
261	202		be in the amount of fifty percent (50%) of the tuition reimbursed to
262	203		a qualified employee for the first through fourth years of
263	204		employment. In no event shall this credit exceed fifty percent
264	205		(50%) of the average annual amount paid by a qualified employee for
265	206		enrollment and instruction in a qualified program at a public
266	207		institution in this state.
267	208		E. For tax years 2023 through 2033, a qualified employ ee shall
268	209		be allowed a credit against the tax imposed pursuan t to Section 2355
269	210		of Title 68 of the Oklahoma Statutes for compensation received from
270	211		a qualified employer.
271	212		F. The credit authorized by subsectio n E of this section shall
272	213		be equal to the amount of compensation received, but shall not
273	214		exceed the following:
274	215		1. Two Thousand Five Hundred Dollars ( $2,500.00) for the first
275	216		year of employment;
276		-	2. Two Thousand Dollars ($2,000.00) for the second year of
277		-	employment;
278		-	3. One Thousand Five Hundred Dollars ( $1,500.00) for the third
279		-	year of employment;
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281		-	ENGR. S. B. NO. 1858 Page 5 1
	218	+	SB1858 HFLR Page 5
	219	+	BOLD FACE denotes Committee Amendments. 1
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	244	+	2. Two Thousand Dollars ($2,000.00) for the second year of
	245	+	employment;
	246	+	3. One Thousand Five Hundred Dollars ( $1,500.00) for the third
	247	+	year of employment;
306	248		4. One Thousand Dollars ($1,000.00) for the fourth year of
307	249		employment; and
308	250		5. Five Hundred Dollars ($500.00) for the fifth year of
309	251		employment.
310	252		G. The credit authorized by subsections B and E of this section
311	253		shall not be used to reduce the tax liability of the qualifie d
312	254		employer to less than zero (0).
313	255		H. No credit authorized by this secti on shall be claimed after
314	256		the fifth year of employment.
315	257		I. Any credit authorized by subsections B and E of this section
316	258		claimed, but not used, may be carried over, in order, to each o f the
317	259		five (5) subsequent taxable years
318	260		SECTION 2. This act shall become effective November 1, 2022.
319		-	Passed the Senate the 14th day of March, 2022.
320	261
321		-
322		-
323		-	Presiding Officer of the Senate
324		-
325		-
326		-	Passed the House of Representatives the ____ day of __________,
327		-	2022.
328		-
329		-
330		-
331		-	Presiding Officer of the House
332		-	of Representatives
333		-
334		-
	262	+	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
	263	+	04/11/2022 - DO PASS, As Amended.