Revenue and taxation; income tax credit; aerospace industry; effective date.

This bill updates the definition of the Oklahoma aerospace industry income tax credit to clarify which workers and businesses qualify for the benefit. It expands eligibility to include employees who have earned an ABET-accredited engineering degree or are licensed professional engineers, while also allowing individuals who change aerospace employers to claim the credit again, provided they have not used it for the maximum of five years. The law maintains a credit limit of $5,000 per year for up to five years, which can be carried forward to future tax years if not fully utilized. These changes apply to taxable years beginning after December 31, 2008, and ending before January 1, 2026, with the bill itself taking effect on November 1, 2024.