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 City Film Incentive Program
The Oklahoma City Film Incentive Program provides filmmakers rebates between 5% and 10% of qualified expenses for production and post-production activities. Hotel stays, catering, set construction, editing and photography are just some of the activities that could be deemed as qualified expenses under the incentive program. This program was approved by the City Council in March. More info will come as details are finalized.
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.
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. You can read the State's incentive guide here.
Oklahoma Quality Jobs Program - 10 Year Cash Incentive
Oklahoma’s successful Quality Jobs incentive program promotes job growth and helps improve your company’s bottom line by injecting cash back into your business as you expand and create new jobs in Oklahoma. The Quality Jobs program provides a cash rebate to companies that create well-paying jobs and promote economic development.
Oklahoma Quality Jobs + Investment Tax Credits
These tax credits target manufacturing industries that have a large capital investment in addition to creating new jobs that pay higher than the state average wages.
Oklahoma Quality Jobs - Small Employer Program
The Small Employer Quality Jobs Program provides quarterly incentive payments to a qualifying small employer.
21st Century Quality Jobs Incentive Program - 10 Year Cash Incentive
This Quality Jobs program is specially tuned for businesses with a highly skilled, knowledge-based workforce.
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?
Incentive for Investment
Investment/New Jobs Tax Credit
This package 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.
Business Expansion Incentive Program
This incentive targets business expansion projects which include job creation and significant investment in facilities, machinery, and equipment.
Workforce Tax Credits
Aerospace Engineer Workforce Tax Credit
Aerospace companies hiring engineers in a variety of fields will receive tax credit equal to 5% of the compensation paid to an engineer and 10% if the engineer graduated from an Oklahoma college or university, plus another credit of up to 50% of the tuition reimbursed to an employee. Additionally, the engineer hired receives a tax credit of $5,000 per year.
Automotive Engineer Workforce Tax Credit
Vehicle manufacturing companies that manufacture or assemble motor vehicles hiring engineers that are newly employed in the vehicle manufacturing sector will receive a tax credit equal to 5% of the compensation paid to an engineer, and 10% if the engineer graduated from an Oklahoma college or university (up to $12,500 per employee per year), plus another credit of up to 50% of the tuition reimbursed to an employee. Additionally, the engineer hired receives a tax credit of $5,000 per year for 5 years.
Software/Cybersecurity Workforce Tax Credit
Cybersecurity or software employees who have received a degree from an accredited institution can receive a tax credit up to $2,200 annually or $1,800 annually for qualifying employees who are awarded a certificate from a technology center.
Manufacturing Sales Tax Exemptions
Oklahoma has a comprehensive sales tax exemption for manufacturers who qualify for and obtain a Manufacturer’s Sales Tax Exemption Permit (MSEP). The exemptions cover purchases of machinery and equipment, energy and tangible personal property used in design, development and the manufacturing operation at the manufacturing site.
Five-Year Ad Valorem Tax Exemption
A qualifying manufacturing company can abate ad valorem taxes upon new, expanded or acquired manufacturing facilities and equipment for a period of five years. This incentive is available for manufacturing, research and development, warehouse and distribution, certain computer/data processing services, refinery and aircraft repair.
Customized Employee Training
Every business is different. That’s why we have flexible programs to meet your needs. Whether you’re a new or expanding company in our state, our nationally acclaimed Training for Industry Program (TIP) can help you create the quality workforce you need to be successful, all at little or no cost to you. TIP is delivered through Oklahoma’s system of 59 technology center campuses across the state. Some of the services we provide under TIP include job analysis, training needs assessment, pre-employment training, pre-production training, post-production training, instructional materials and development, and more.
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.
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.
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.