New tax credit helps OKC companies' competitiveness
With the passage of HB 2759, state businesses now have a valuable tool to address an extensive statewide shortage of qualified software and cyber-security engineers.
The bill provides a tax credit up to $2,200 annually for qualifying new employees who have received a bachelor’s degree (or higher) from an accredited institution, or $1,800 annually for qualifying employees who have been awarded a certificate from a technology center. To receive the credit, new employees must meet strict educational requirements and obtain employment in a qualified industry for a qualified employer.
An example of the shortage of software and cybersecurity engineers is found at Tinker Air Force Base, the state’s largest single-site employer. The base has an immediate need for 1,100 such employees. Recently, a Pentagon official stated Tinker AFB must build software engineering capacity to meet the future needs of the Air Force. Apart from the critical need at the state’s military installations, this new program will benefit businesses in aerospace, energy, agribusiness, banking and other industries which require an immediate, sustained effort to incentivize and grow this critical component of Oklahoma’s workforce and economy.
Software development and cyber-security affects every economic sector. This means you and your company can now take advantage of this tax credit that allows Oklahoma to compete with states who already offer these types of incentives.
Roy H. Williams, CCE
Chamber CEO & President