Supporting a commitment to long term economic development, Oklahoma offers one of the most competitive and aggressive business incentive packages in the country. Enterprise Zones are designated by the state of Oklahoma and are located in disadvantaged counties, cities or portions of cities.
If you locate your business in an Enterprise Zone, you are eligible to receive double the Investment/New Jobs Tax Credit. Additionally, companies obtaining ad valorem exemptions from local taxing entities may be exempted for up to six years, rather than five.
About Enterprise Zones:
Enterprise Zones can be designated in disadvantaged counties, cities or portions of cities. These Enterprise Zones provide extra incentives for business. Double the Investment / New Jobs Tax Credit is allowed, and low interest loans may be made available through enterprise district loan funds. Local communities may exempt local taxes for six years (instead of five) for qualifying businesses that are also in Incentive Districts (62 O.S. § 860). Small Linked Deposit Loans may be for longer terms (62 O.S.§§ 88. 1A et seq). The enterprise district management authorities created in some enterprise districts are empowered to establish venture capital loan programs and to solicit proposals from enterprises seeking to establish or expand facilities in the Enterprise Zones. By statute, funds for these programs would come from the issuance of general obligation bonds by the district involved. These loans can be for up to 100% of the estimated cost of the building and equipment.
The Oklahoma Department of Commerce designates enterprise zones and publishes lists of eligible counties, cities and census tracts.