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FOR IMMEDIATE RELEASE
May 1, 2017
Governor Mary Fallin Signs Extension of Aerospace Engineers Tax Credit
OKLAHOMA CITY - Governor
Mary Fallin today signed into law a bill extending tax incentives to employers
and employees in the aerospace industry. Senate Bill 120 will extend the sunset
date on the aerospace engineer employee and employer tax credit and the
employer credit for tuition reimbursement until Jan. 1, 2026. The credits were
scheduled to expire Jan. 1, 2018.
“This legislation will
help us to attract and retain new business and retain the great jobs made
available by industry giants like Boeing and American Airlines,” said Fallin. “The
aerospace engineer tax credit has helped to create hundreds of new, high-paying
jobs for skilled Oklahomans. It’s also played a key role in maintaining
Oklahoma’s position as an internationally recognized hub for aerospace business.”
More than 1,100
aerospace-related companies are in Oklahoma, with more than 120,000 workers
employed in aerospace and defense-related industries. Oklahoma’s aerospace and
defense industries generate more than $27 billion in sales annually.
Fallin said extending
the aerospace engineers tax credit will provide an additional economic boost to
the state and the industry.
Sen. Kim David, the
author of the legislation, said extending the aerospace engineers tax credit
will provide an additional economic boost to the state and the industry.
“As policymakers, we’re always searching
for programs that can help grow and diversify our economy,” said David,
R-Porter, who is chairman of the Senate Appropriations Committee. “The
aerospace engineers tax credit has been a tremendous catalyst for growth in the
sector, helping our state attract and retain high-paying engineering jobs.
“The state of Oklahoma is poised for
even more economic growth and job expansion in the aerospace industry in part
due to the program, and I’m proud to author the legislation to expand this
successful program. I appreciate the Legislature for passing this bill, and
Governor Fallin for signing it into law.”
Rep. Scott Fetgatter, House sponsor of
SB 120, said the aerospace engineers tax credit is one of the best tax credits
that Oklahoma offers.
“For every dollar that we spend on these
credits, we are getting two dollars back, said Fetgatter, R-Okmulgee. “This is
smart legislation, and if we had more programs like the aerospace tax credits,
our state would be in much better fiscal shape.”
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