New tax credit available to certain information technology employees

Published: Wednesday, July 10, 2019 By: Paula Burkes Source: NewsOK

HB 2759 created an Oklahoma credit against income taxes for certain qualified and certified employees involved in the software or cybersecurity business.

How does an employee qualify for this credit?

For a software or cybersecurity employee to qualify, the employee must have received an undergraduate or graduate degree from an institution that has an accredited program from the Accreditation Board for Engineering and Technology (ABET) or completed a technology center program in cybersecurity, information technology, computer science and engineering or software engineering that has been accredited by the Computing Accreditation Commission, Engineering Accreditation Commission or ABET. Further, the accredited program must require the completion of more than 800 hours of class time.

What types of employers qualify for this new credit?

A business should apply to the Oklahoma Tax Commission to become a “qualified employer.” The employer can operate as a sole proprietor, general partnership, limited partnership, limited liability company, corporation or governmental entity but must have at least 15 full-time employees. Additionally, the employer must pay average annualized wages which meet or exceed 110% of the average county wage where the employer has its primary Oklahoma address.

Read the story on NewsOK.com.

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