You can count on the Oklahoma City's economic development team to arrange one-stop coordination with City, state and federal agencies.
The Greater Oklahoma City metro offers a qualified, available workforce, straight-forward business incentives and world-class job training.
Your best advantage in Oklahoma is that we are among the lowest "cost of doing business" states in the country. In addition, learn more about the variety of local, state and federal incentives that may be available below:
Oklahoma City's Strategic Investment Program (SIP)
The SIP is a discretionary deal-closing fund that provides companies with a cash award based on newly created jobs within Oklahoma City. Qualifying companies such as manufacturing firms, headquarters and shared service or customer care operations must hire a minimum of 50 full-time employees and produce an annual payroll of $1.75 million. Firms must also meet or exceed specific average wage thresholds. Receipt of SIP funds is performance based, tied to the company’s actual job creation and capital investment.
Oklahoma's attractive incentives drive bottom-line benefits for you and are some of the most aggressive in the nation. 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%.
Opportunity Zones in Oklahoma City
The Opportunity Zone program is part of the 2017 Federal Tax Cuts and Jobs Act. By deferring capital gains from current holdings and reinvesting in projects located within one of Oklahoma City's 8 designated Opportunity Zones, investors can reduce capital gains taxes. If held for a decade, the added profit made from the Opportunity Zone investment will not be taxed at all. The Opportunity Zone incentives have no benefit cap and can be applied to a wide range of investments in real estate and operating companies. Want to know more about the investment requirements? Learn more here.
Investment/New Jobs Tax Credit
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.
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.
Enterprise Community (EC) is a Federal program emphasizing the creation and retention of jobs for EC residents. If qualified, your business can obtain financing for start-up or expansion.
Administered by the U.S. Small Business Administration (SBA), HUB Zones (Historically Underutilized Business Zones) promote economic development in certain areas by providing easier access to more Federal contracting opportunities. Contact us today to learn more about Greater Oklahoma City’s HUB Zone areas.
Foreign Trade Zone
FTZs (Foreign-Trade Zones) are designated areas which, for Customs purposes, are considered outside the U.S. Almost any imported merchandise can be brought into a Zone, for almost any kind of manufacturing or manipulation, duty-free. In Oklahoma City, FTZ#106 is conveniently located adjacent to the bustling Will Rogers World Airport in Oklahoma City.
The Downtown OKC Business Improvement District (BID for short) is an area where property owners voted for a special property assessment to make their community a better place. The City of Oklahoma City currently has four Business Improvement District: Downtown, Stockyards City, Capitol Hill and Western Avenue.