I moved to Oklahoma in 2020, where I worked for an Aerospace company. I am looking into the Credit for employees in the Aerospace sector (564-19). I graduated in 1992 from a college that had an accreditation from the Western Association of Schools and Colleges. Do I qualify for this tax credit?
If you were not previously employed in aerospace in Oklahoma, you can apply for the credit. The following is directly from the Form 564:
A $5,000 credit is allowed to a qualified employee who has a degree in a qualified program and who, on or after January 1, 2009, is employed in Oklahoma by or contracting in Oklahoma with a qualified employer whose principal business activity is in the aerospace sector. The credit is allowed each year for up to the first five years. To qualify for the credit the employee may not have been employed in the aerospace sector in Oklahoma immediately preceding employment or contracting with a qualified employer.
Qualified Employee” means any person, regardless of the date of hire, employed in Oklahoma by or contracting in Oklahoma with a qualified employer on or after January 1, 2009. This individual must have been awarded an undergraduate or graduate degree from a qualified program by an institution and was not employed in the aerospace sector in Oklahoma immediately preceding employment or contracting with a qualified employer. Provided, the definition will not be interpreted to exclude any person who was employed in the aerospace sector, but not as a full-time engineer, prior to being awarded an undergraduate or graduate degree from a qualified program by an institution or any person who has been awarded an undergraduate or graduate degree from a qualified program by an institution and is employed by a professional staffing company and assigned to work in the aerospace sector in Oklahoma..
Thank-you very much for the response, however I'm trying to determine if the school accreditation from the Western Association of Schools and Colleges is considered as a "qualified program".
You can look up the specific school at Accredited Programs.
“Qualified Program” means a program that has been accredited by the Engineering Accreditation Commission of the Accreditation Board for Engineering and Technology (ABET) and awards an undergraduate or graduate degree.