OKLAHOMA CITY (AP) - New Republican Gov. Mary Fallin has signed a bill designed to lure more aerospace companies to Oklahoma.

Fallin was joined Monday by lawmakers and aerospace industry officials as she signed into law a tax credit for aerospace companies that hire engineers.

The bill restores a tax incentive that was put on hold last year by lawmakers looking to close a $1.2 billion gap in the state budget.

The tax credit for aerospace companies cost the state about $3.5 million during its first year, but proponents say it was used to lure nearly 350 high-paying jobs to Oklahoma.

A fiscal analysis of the bill projects it will cost the state $5.9 million revenue in the upcoming fiscal year that begins July 1.