Oklahoma House Bill HB2754

Oklahoma 2023 Regular Session

• Introduced: 2/6/23
• Refer: 2/7/23

Caption

Revenue and taxation; civil engineers; employers; employees; income tax credit; tuition reimbursement; compensation; effective date.

Impact

The implementation of HB2754 is expected to positively influence the economic climate for civil engineering firms in Oklahoma. By providing substantial tax credits, employers may have increased financial capability and motivation to hire new employees who have either recently graduated or are transitioning into the civil engineering profession. Furthermore, the bill aims to enhance the education and training of future engineers, potentially addressing workforce shortages in this critical sector.

Summary

House Bill 2754 introduces several income tax credits aimed at incentivizing employers in the civil engineering sector. The bill allows for tax credits for employers who provide compensation to qualified employees engaged in civil engineering, as well as for tuition reimbursements for those employees pursuing related educational programs. The intent of the bill is to encourage hiring in this specific field, particularly focusing on fostering a stronger workforce in civil engineering in Oklahoma.

Contention

Despite its potential benefits, there are some points of contention surrounding the bill. Critics may argue that providing extensive tax credits could strain the state’s tax revenues, especially over the years these credits are claimed. Additionally, concerns may arise about whether this approach effectively addresses broader employment challenges within the engineering sector or if it primarily benefits existing firms without expanding job opportunities. Discussions around the bill highlight the balance between encouraging business growth and maintaining fiscal responsibility.