Wed, Apr 06, 2011
Governor Signs Bill That Offers Incentives For Hiring Aerospace
Engineers
Oklahoma Governor Mary Fallin (pictured) has signed into
law a measure reestablishing tax credits for engineers going to
work for Oklahoma companies as well as the companies that hire
them. The bill restores a tax incentive that was put on moratorium
last year by the Oklahoma state legislature.
"The aerospace engineer tax credits have demonstrated their
value as an important tool for job creation and economic growth in
Oklahoma," said Fallin on Monday. "Aerospace is one of the state's
most important, cutting-edge industries, and I'm proud to be able
to sign a measure into law that will support our employers and help
to bring in quality jobs to the state."
The average salary for an aerospace engineer in Oklahoma is more
than $87,000 and the beginning average aerospace engineer salary is
more than $66,000.
"This legislation is particularly significant because aerospace
is an industry driven by innovation and truly successful aerospace
ventures demand the best, most highly-skilled talent available. We
want those companies to be successful here in Oklahoma," said
Secretary of Commerce Dave Lopez. "We are committed to
serving the industry through our competitive incentives program and
our world-class education and training system. With a rich history
and tradition, aerospace is one of Oklahoma's economic
pillars."
The legislation extends tax credits of $5,000 a year for up to
five years to engineers who are hired in Oklahoma. The companies
hiring the engineers will receive a tax credit equal to 10% of the
compensation paid to an engineer during the first five years of his
or her employment if the engineer graduated from an Oklahoma
college. If the engineer graduated from a college outside Oklahoma,
the employer will get a tax credit equal to 5% of the compensation
paid to the employee during the first five years.
In addition, the law grants Oklahoma aerospace companies a tax
credit in the amount of 50% of the tuition reimbursed to a new
engineer graduate for the first four years of his or her
employment. The tax credit is limited to 50% of the average annual
tuition paid by an engineer at a public university in Oklahoma.
Oklahoma is home to more than 300 aerospace companies, and
another 200 companies that support aerospace/aviation. The industry
employs more than 145,000 people, representing an industrial output
that exceeds $12 billion and $60.6 million in state sales tax
revenue annually.
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