Oklahoma aerospace tax form 564 credit

[user17761869383]

I've been working in the aerospace industry since 1997 and have never taken this credit. It states regardless of the year you started, that an employee can take this credit for up to five years. Do I qualify for this tax credit?

[MaryK4 · Accepted solution]

Yes, based on Oklahoma regulations, you qualify for the Oklahoma Aerospace Sector Employee Tax Credit (Form 564) if you are an engineer or aerospace employee with an engineering degree (undergraduate/graduate) or hold a Professional Engineer license. The credit offers up to $5,000 annually for up to five years for qualified individuals.  While you have worked in the industry since 1997, you can claim this credit for up to five separate years so if you never claimed it, you can claim for 2025 and four more years, even choosing to amend your past few Oklahoma tax returns if you choose.  

Here is the form if you want to review the qualifications.  Credit for Employees in the Aerospace Sector