Oklahoma's attractive incentives drive bottom-line benefits for you. Contact us for a customized incentive analysis based on these and other locally available incentive programs.
OKLAHOMA QUALITY JOBS PROGRAM – 10 YEAR CASH INCENTIVE
Companies can directly receive up to 5% of total payroll in the form of quarterly cash payments for up to ten years. Companies qualify if they are central administrative offices, manufacturers, research and development agencies (including wind power manufacturers), distribution centers (with 40 percent out-of-state delivery) or certain service companies (with out-of-state sales exceeding 75 percent of total sales), and must achieve a payroll (within three years) of $2.5 million or more.
OKLAHOMA QUALITY JOBS – HIGH IMPACT PROGRAM
Lowers annualized payroll threshold to $1 million for businesses that produce new direct jobs to the State that are equal to or greater than 1% of the total labor force of the county in which they locate. Payout is 2.5% of taxable wages for 6 years.
OKLAHOMA QUALITY JOBS – SMALL EMPLOYER PROGRAM
Allows qualifying small businesses (90 employees or less) to receive up to 5% cash-back incentive for up to 7 years to locate or expand in Oklahoma.
21ST CENTURY QUALITY JOBS INCENTIVE PROGRAM – 10 YEAR CASH INCENTIVE
Created to attract growth industries by rewarding businesses with a highly skilled workforce. Provides cash back up to 10% on new payroll for up to 10 years, or twice the Net Benefit of the Quality Jobs program. The new jobs must pay an average wage of the lesser of $94,418 or 300% of the county’s average wage. This incentive targets knowledge-based service industries, such as professional, scientific and technical services, specialty hospitals, music, film, and performing arts. Out-of-state sales must be 50%.
INVESTMENT/NEW JOBS TAX CREDITS
Provides growing manufacturers a significant tax credit based on either an investment in depreciable property OR on the addition of full-time equivalent employees engaged in manufacturing, processing, or aircraft maintenance. A five-year tax credit on the greater of 1% per year of investment in qualified property or a credit of $500 per year per new job, doubled in an Enterprise Zone.
QUALITY JOBS & INVESTMENT TAX CREDIT
Prior to January of 2010, qualifying companies had to choose either the Quality Jobs Program OR the Investment/New Jobs Tax Credit benefits. As of January 1, 2010, companies have the option of receiving both of these incentives.
FIVE-YEAR AD VALOREM TAX EXEMPTION
This exemption is for new, expanded or acquired manufacturing, research/development or specific computer/data processing service facilities. Real estate, machinery and equipment used directly in the manufacturing process are also eligible. The exemption requires a minimum capital investment of $250,000; $250,000 in annual payroll in small counties and $1 million payroll in large counties. If a $7 million investment is made in new facilities for certain computer service companies or web portals, there is no additional payroll requirements, provided that the current payroll is maintained.
CUSTOMIZED EMPLOYEE TRAINING
Consistently ranked as one of the top programs in the nation, Oklahoma’s Training for Industry Program (TIP) provides customized training and resources to qualifying new and expanding Oklahoma companies at little or no cost to the company. Delivered through the state’s Career Technology Centers, TIP ensures that companies have a productive workforce from the start.
OTHER ASSISTANCE PROGRAMS
Additional assistance programs include: Sales Tax exemptions, Foreign Trade Zones, Financing Programs, Export Assistance, Government Contracting Assistance, New Market Tax Credits, Former Indian Lands Tax Credit, Aerospace Industry Engineer Workforce Tax Credit, OK Community ED Pooled Financing for infrastructure-related construction, CDBG/EDIF, Limited Industrial Road Assistance, and Oklahoma City’s new Emerging Technology Fund (ETF). Contact Chamber staff for more on any of these programs.
To facilitate the recruitment process, the Oklahoma Employment Securities Commission (OESC) will pre-screen eligible applicants to meet the specifications outlined within job descriptions, test applicants for aptitudes in specific skills and provide any personnel functions necessary to ensure recruitment success.
For more information on State of Oklahoma incentives, Contact us or contact:
Oklahoma Department of Commerce
P.O. Box 26980
Oklahoma City, Oklahoma 73126-0980