Aerospace Tax Credit Renewal
Oklahoma City, OK – House panel votes to spare aerospace tax credit
OKLAHOMA CITY (AP) An Oklahoma tax credit for aerospace companies that hire engineers would be spared under a bill approved by a House committee.
The House Revenue and Taxation Committee voted 8-1 on Thursday for the bill, which now heads to the full House budget committee for consideration.
The aerospace tax incentive cost the state about $3.5 million during its first year. It was included in a list of tax credits targeted for a two-year moratorium by lawmakers and the governor last year as officials labored to close a $1.2 billion gap in the state budget.
But the credit was strongly supported by State Chamber President Fred Morgan, who says the program has a "proven track record" of creating jobs in Oklahoma.
A similar bill is moving through the Senate.