Governor Signs Aerospace Engineering Tax Credit Extension

Program already proven successful to continue for three more years

Oklahoma City (April 11, 2014) – The State Chamber would like to thank Governor Mary Fallin for signing House Bill 2509 into law, extending an important incentive program for the aerospace industry. The tax credit for aerospace engineers and the companies that employ them has already affected more than 500 jobs in the state.

“We agree with Governor Fallin that the aerospace industry is one of the five key ecosystems that will propel the state’s economy in the future,” said State Chamber President and CEO Fred Morgan. “This program will help companies facing the problem of a generation of engineers readying for retirement and allow a key industry in the state to expand.”

Since the original tax credit was passed, more than 500 aerospace engineering jobs with a payroll of over $70-million have been created or retained in the state. Because the incentive is dependent upon the jobs being created or retained, House Bill 2509 received bipartisan support throughout the process. The State Chamber also commends Senator Mike Mazzei and Representative Earl Sears for their hard work authoring and shepherding the bill through the process.

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