Aerospace Engineering Tax Credit Extension a Good Idea

Bills will continue incentive already shown to help key industry in the state

Oklahoma City (March 27, 2014) – Two bills supported by the State Chamber that would extend an important incentive which has already been proven to attract and retain high-paying aerospace engineering jobs passed committees in the House and Senate this week. Senate Bill 1227 by Sen. Mike Mazzei and House Bill 2509 by Rep. Earl Sears extend the tax credit for aerospace engineers and the companies who employ them.

“The tax credits have already created or retained over 350 aerospace engineering jobs in the state,” said State Chamber Vice President of Government Affairs Arnella Karges. “These are jobs in an industry Governor Fallin has classified as a key ecosystem for the state because of their high tech nature and salaries that are nearly double the state average.”

More than a dozen companies in the state have participated in the incentive program since it was created in 2008 to address an impending shortage as a generation of engineers approaches retirement. Extending the program to 2018 will allow companies to continue to address the critical shortage of engineers.

The aerospace industry in Oklahoma generates $4.4 billion in revenue with exports to 170 countries. Over 500 aerospace-related companies are located here providing 144,000 direct and indirect jobs with an average salary of $56,000 according to the Oklahoma Aeronautics Commission.
 
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