Oklahoma offers a generous mix of incentives for business expansion. Below is a list of the major business expansion incentives available. For further information, contact Tim Hight at 405-390-GROW.
Quality Jobs Payroll Rebate Program
The innovative Oklahoma Quality Jobs Program allows qualifying businesses creating quality jobs to receive a special cash-back incentive of up to 5% of taxable payroll to locate or expand in Oklahoma.
Investment/New Jobs Tax Credit
This incentive, primarily targeted at manufacturing companies, allows a five-year tax credit on the greater of 1 percent per year of investment in qualified new depreciable property, or a credit of $500 per new job. These incentives double to 2 percent of new investment, or $1,000 per new job, if investment is greater than $40 million or in an enterprise zone.
Quality Jobs + Investment Tax Credits
These incentives target manufacturing industries that have a large capital investment of at least $40 million in addition to creating new jobs that pay more than the state’s average wage. The incentives also allow a five-year tax credit on the greater of 2 percent per year of investment in qualified new depreciable property, or a credit of $1,000 per year per new job.
Small Employer Quality Jobs
The Small Employer Quality Jobs Program provides quarterly incentive payments to a qualifying small employer (90 employees or less). Quarterly payments may be as much as 5% of new taxable payroll for up to 7 years. Qualifying payroll must be attributable to annual salaries that are at least 110% of the average wage of the county in which the jobs are located. Qualifying companies must also attain 75% out of state sales.
Economic Development Pooled Financing
An incentive that targets job creation and infrastructure development by creating a financing mechanism for companies and communities. This financing tool uses withholding taxes and other revenue to satisfy debt service, create jobs and investment, and remain revenue-positive for Oklahoma.
Sales Tax Refunds
This incentive is available on construction materials for certain manufacturers and aircraft maintenance repair facilities, on purchases of computers, data-processing equipment and telecommunication equipment for certain aircraft facilities, and for purchases of computer services and data-processing equipment for qualified computer services or research and development companies.
Customized Employee Training
Oklahoma’s Training for Industry Program (TIP), a Career Tech initiative consistently ranked as one of the nation’s leading workforce training efforts, is a no-cost/low-cost way for new or growing companies that create jobs to get a skilled, focused and motivated workforce. Customized to meet your needs for training, assessment, supplies, instructional materials and more.
Five-Year Property Tax Exemption
This incentive is available for manufacturing, research and development, warehouse and distribution, certain computer/data processing services, wind power, refineries, and aircraft repair.
Incentives on the Rise
Your company may qualify for specific industry-based incentives, and we can help you find them. Call EOCP to discover how we can help provide a no-cost analysis for your business: 405-390-GROW.