OKLAHOMA CITY (KOKH) — An Oklahoma City lawmaker says he is preparing legislation to strengthen Oklahoma's oil and natural gas workforce.
Sen. Paul Rosino, R-Oklahoma City, says the proposed legislation would encourage the hiring of qualified engineers and providing tax incentives for employers who invest in the next generation of professionals.
“Oklahoma’s oil and natural gas industry is the cornerstone of our state’s economy, supporting thousands of jobs, generating revenue and helping provide the energy that powers our country,” Rosino said. “To keep this industry strong and competitive, we must make sure Oklahoma businesses can attract and retain the highly skilled workforce they need to grow. This legislation will help employers recruit qualified engineers, encourage talented graduates to build their careers here and make it easier for Oklahoma companies to invest in the people who will lead this industry into the future. Supporting oil and gas means supporting Oklahoma jobs, economic opportunity and our state’s long-term prosperity.”
The legislation would establish tax credits for eligible oil and gas employers that hire qualified engineers, reimburse eligible employees for tuition and provide incentives for engineers who enter the industry.
The measure would provide eligible employers with a tax credit equal to 10% compensation paid to qualifying employees who graduate from an Oklahoma institution, or 5% for those who graduate from an institution outside of the state. The credit would be available during an employee's first five years in the industry and would be capped at $12,500 per employee annually.
The legislation would also allow eligible employers to claim a credit for 50% of qualifying tuition reimbursements during an employee’s first four years of employment.
Additionally, qualifying employees could claim an individual income tax credit of up to $5,000 annually for as many as five tax years.
Rosino’s bill will not be formally filed until after Nov. 15.