Revenue and taxation; income tax credits; qualified employees; qualified employers effective date.

HB 1602 creates tax credits for Oklahoma employers in vehicle and automotive parts manufacturing. It provides two main credits: (1) a 50% credit for employers reimbursing tuition for qualified employees (capped at $5,000 annually), and (2) a 5-10% credit on employee compensation based on where they graduated (capped at $12,500 annually). To qualify, employees must hold a degree from an ABET-accredited program and start employment within one year of graduation. Credits expire after 2026, with annual limits of $3 million for employer credits and $2 million for employee credits. The bill directly affects manufacturers hiring engineers or technicians with relevant degrees.