The Quality Jobs + Investment Tax Credit incentive creates:

• An incentive that targets industries that have large capital investments in addition to creating highly skilled jobs;
• A foundation of attracting "name-plate" companies to Oklahoma; and
• A policy of rewarding businesses with large capital investments and creating jobs that pay higher than average wages.  

Qualifying Requirements:

• Job creation requirements similar to present QJ program except that the wages must be greater than the state's average wage.  Currently that wage is $37,836 annually.
• Capital investment must be greater than $40 million, which is similar to present ITC requirements and qualifies the investment for a 2% tax credit per year for 5 years.
• With the ability to take both QJ and ITC incentives, the NBR of the QJ portion is equal to the calculated NBR.  There are no automatic 5% areas.
• Companies could not exceed the 5% NBR if they pay wages greater than the normal 5% NBR wage.
• The QJ portion of the incentive would apply for the regular 10 years of the program and the ITC tax credit would apply for the first 5 years after capital expenditures are complete.  
• Industries that may qualify for the incentive are only those industries that presently qualify for ITC (that is manufacturing industries).  One possible addition to ITC inclusion is data centers.  

Notes:
Commerce will prepare a "letter of determination" to the applicant to insure that the program remains "revenue positive" to the state.  If the combined income tax credits and QJP benefits exceed this position, the QJP benefits are adjusted downwards to insure that position is attained before a contract is offered to the participant.

Disclaimer
The materials contained on this website 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.