Software/Cybersecurity Workforce Tax Credit

The Software/Cybersecurity Employee Tax Credit provides up to $2,200 annually for qualifying employees who receive a degree from a ABET accredited institution, or $1,800 annually for qualifying employees who are awarded a certificate from a technology center accredited by the Oklahoma State Board of Career and Technology Education. To receive the credit, employees must meet strict educational requirements and obtain employment in a qualified industry for a qualified employer. The credit can be claimed no more than 7 years and cannot be claimed simultaneously by an individual claiming the Aerospace Engineers tax credit.

The $1,800 credit is specific to coursework completed at Oklahoma’s Career Tech and a certificate needs to be provided.

For the $2,200 you need:

1. A qualifying bachelor or graduate degree in cybersecurity, information technology, computer science or computer engineering degree program.
2. The above degree must be accredited by the Computer Accreditation Commission (CAC) or the Engineering Accreditation Commission (EAC) of the ABET.
3. And must be offered at a degree-producing institution. (There is no specification on the degree being from an Oklahoma institution; the degree does need to meet the ABET accreditation listed in statute though).

The link for tax form 566 (Cybersecurity Tax Credit) is provided below. It should accompany the 511 or 511NR. According to the Tax Commission, “an exception to this is when we have disallowed a credit and have sent an adjustment letter. Then the form can be uploaded as a response to the adjustment letter.”