Oklahoma Senate Bill SB938

Oklahoma 2022 Regular Session

• Introduced: 2/1/21
• Refer: 2/2/21

Caption

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.