Interests
Roles
The Crossroads of America
Greater Oklahoma City is in the geographic center of North America equidistant from the east and west coasts and major trade partners of Canada and Mexico. The ten county region is at the crossroads of the U.S., sitting at the heart of three major national highways on the NAFTA corridor.
There's a reason Greater Oklahoma City is such a great place for business: Location. The ten county region is positioned within a day's drive of the rapidly-growing south-central region (OK, TX, AR, LA) projected to grow more than 44% during the next 25 years.
Explore the counties and cities of Greater Oklahoma City including major employers and higher education. The ten county region boasts an average commute time of 20 minutes and a skilled workforce over half a million strong.
Data Center
No. 1 in Home Value Gains
Oklahoma is No. 1 in home value gains - at a time when homeowners in most of the rest of the country are wondering what hit them in their equity.
(August 27, 2008)
Empowerment Zone
Oklahoma City's Empowerment Zone (EZ) is a federally designated area created to promote public-private collaboration and stimulate job growth. It's a pool of tax breaks and incentives for businesses and employees in the Zone, as much as $4.5 billion through December 31, 2010.
The Empowerment Zone includes most of downtown Oklahoma City, extending roughly three to five miles north and south of I-40 and east and west of I-235. Businesses located here can claim the tax incentives on their federal tax returns every year through December 31, 2010.
Wage Credits
Tax credits of up to $3,000 per year for each qualified EZ employee (newly hired or already on the payroll) who lives and works in the Empowerment Zone.
Bond Financing
Tax-exempt facility bonds to finance property, equipment and site development.
Tax Deductions
Increased expensing deductions - up to $35,000 for depreciable assets acquired this year.
Capital Gains
Zero percent and non-recognition of gain on sale of assets, or partial exclusion of gain from sale of Empowerment Zone stock. Find out if your address is in the Empowerment Zone. Log on to www.hud.gov/crlocator or www.okcedis.com.
ARE YOU IN THE EZ?
Log on to www.hud.gov/crlocator or www.okcedis.com.
FOR MORE INFORMATION:
Brent Bryant
Economic Development Program Manager
City of Oklahoma City
Phone: 405.297.2260
Email: brent.bryant@okc.gov
Internet Resources
US Department of Housing & Urban Development's Urban Empowerment Zone Program
Visit www.empowerokc.com for an information packet that includes:
- The Latest Empowerment Zone Brochure Tax Incentive Guide for Businesses
- IRS 954 Publication Downloadable Tax Forms 3800, 5884, 8844, 8850, 8860, 8861