Senate approves second bill restoring aerospace incentives

In a bipartisan vote of 41 to 6, the full Senate has approved a second measure to help boost Oklahomas aerospace industry. Like Senate Bill 3, House Bill 1008 will restore tax credits for the creation of new aerospace engineering positions in Oklahoma. Sen. Mike Mazzei, R-Tulsa, is principal Senate author for both pieces of legislation.

When we placed this credit, along with 30 others on hold because of the recession, we said we would revisit the issue and restore those that have been proven to create jobs, Mazzei said. We know for a fact that this one has already brought engineering positions to the state, and is responsible for 550 additional aerospace jobs that Boeing has already announced.

The incentive is credited with bringing an initial 348 new engineering positions to Oklahoma in the one year they were in effect with a fiscal impact of $3.5 million, but the direct economic impact was more than $270 million.

These are some of the highest paying jobs we can bring to Oklahoma, and as a result, it will help us increase our tax base and fuel additional growth throughout the private sector, Mazzei said. It is an investment with enormous return for our state.

HB 1008, authored by Rep. Skye McNiel in the House, next goes to Gov. Mary Fallin for her signature.