This State incentive was created to attract growth industries and sectors to Oklahoma in the 21st Century through a policy of rewarding businesses with a highly skilled, knowledge-based workforce. The intended purpose of the program is to promote indisputably impactful high wage jobs without competing with existing incentives. To help accomplish this, an enhanced list of qualifying industries beyond just those eligible for the Quality Jobs Program has been added. The framework of this program is based on the popular Quality Jobs Program developed in 1993. 

Bottom-Line Benefit:

• Qualifying companies may be eligible for up to twice the Net Benefit rate of the Quality Jobs program, or 10% of the taxable payroll of these new jobs, to be paid in cash on a quarterly basis. The program lasts for up to 10 years.

• Upon application and approval, qualified companies may begin accruing program benefits for the hiring of new jobs that meet program criteria. During the first 12 quarters, the company may file quarterly benefit claims for those qualifying jobs hired to-date, even if less than the required 10 new jobs are in place.
• However, the actual jobs must have earned the required annualized average wage. For this performance a Net Benefit Rate (called an Initial NBR) of up to 7% will be paid on the new taxable wages earned by these jobs. Once the company has hired the full 10 new jobs at the required annualized average wage, the company may claim benefits on the Fulfillment NBR, or up to 10% of the taxable wages earned by the new jobs. Both the Initial and Fulfillment NBR are determined in a cost/benefit analysis, performed at the time of application. The rate is based upon the projected wage and economic factors related to the project.

Application Process:
An application and supporting documents must be received by the Oklahoma Department of Commerce, and a resulting contract issued by the Department before a company may participate in the program.

21st Century Quality Jobs Guidelines
21st Century Quality Jobs Application and Worksheet

 
Disclaimer:
The materials contained in this document have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not constitute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances. YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE.