Other Available Programs and Incentives

Environmental Cleanup Cost Deduction (Brownfields)
A business can deduct qualified cleanup costs for hazardous substances in the year the costs are incurred.

Federal Historic and State Historic Tax Credits
Federal Tax Law currently provides attractive incentives for the rehabilitation of historic and older buildings. These special benefits encourage revitalization of historic districts as well as individual buildings. To qualify for the tax incentives, requirements of both the Internal Revenue Service and the U.S. Department of the Interior must be met. Contact: State Historic Preservation Office, Oklahoma Historical Society, 2704 Villa Prom, Shepherd Mall, Oklahoma City, OK 73107, (405) 521-6249.

Investment Tax Credits for Rehabilitation
Federal Tax Law currently provides attractive incentives for the rehabilitation of historic and older buildings. These special benefits encourage revitalization of historic districts as well as individual buildings. To qualify for the tax incentives, requirements of both the Internal Revenue Service and the U.S. Department of the Interior must be met. The State Historic Presevation Office (SHPO) participates in the review of proposed rehabilitation projects and is the initial contact for applicants. The U.S. Department of the Interior, National Park Service, is the agency responsible for certifying historic structures and rehabilitation work. For detailed information, contact Catherine Montgomery, AIA at 405/522-4479.

New Markets Tax Credits
Equity investors in Community Development Entities (CDEs) can receive tax credits of 5% to 6% per year for each year in the investment is held for up to seven (7) years following the initial investment. The CDE must in turn invest in projects in qualifying census tracts - 20% poverty rate or higher.

Site Certification Program
A statewide site certification program that assures a quality site available will be available in minimal time. A site’s successful completion of the Site Ready process guarantees a prospective business that the site is ready for construction. Review the program details here.

Tax Increment Financing (TIF)
Tax increment financing is a way of capturing the added value of a real estate project and using these funds to help pay for the improvements that enable the project to come to fruition. Download a map of TIF Districts one and two here.

Back to top