State Rep. Scott Fetgatter said a bill extending tax credits for the aerospace industry is good for Oklahoma.
FetgatterHe was an author of the bill that extends three current tax credits for eight more years. It is designed to bring more aerospace companies to Oklahoma. The credits provide a five year, $5,000 income tax credit to aerospace employees, a partial reimbursement for companies that pay their employee’s tuition, and a credit for companies that hire Oklahomans for high paying engineering positions.
“This is one of the best tax credits that Oklahoma offers,” said Rep. Fetgatter, R-Okmulgee. “For every dollar that we spend on these credits, we are getting two dollars back. This is smart legislation, and if we had more programs like the aerospace tax credits, our state would be in much better fiscal shape.”
The credits go beyond helping Oklahoma’s growing aerospace industry. It also adds to the state’s economic diversity.
“Oklahoma has too much to offer to just be an energy state,” Fetgatter said. “Energy is good, but we have to look for ways to diversify our economy. By providing these credits to an industry that is going to grow more important in the 21st Century, we are encouraging sustained diversity.”
The bill passed through the House of Representatives Monday with a bipartisan vote of 69 to 18. It now goes to Gov. Mary Fallin to be signed into law.