Opportunity And Enterprise Zones

Businesses located in one of Oklahoma's Opportunity or Enterprise Zones may receive enhanced financial incentives for stimulating economic expansion in rural and disadvantaged communities. 

What are Opportunity and Enterprise Zones?
Opportunity Zones are those census tracts in which, according to the most recent federal decennial census, at least 30% of the residents have an annual gross household income from all sources below the poverty guidelines established by the US Department of Health and Human Services.

Opportunity Zones are generally the only areas in Oklahoma, Tulsa, and Cleveland counties where companies may qualify to use the Small Employer Quality Jobs Incentive Act.

2009-2010 Opportunity Zone List

5% Areas for Oklahoma Quality Jobs Program Map 

If a company is locating in an Opportunity Zone and meets the other requirements to qualify for the Oklahoma Quality Jobs Program Act, then it does not have to also meet the new wage threshold introduced in 2003. This legislation requires, in general, that salaries of the new direct jobs must equal the average county wage or the cap which renews annually, whichever is lower (Reffer to the Quality Jobs Guidelines for the latest figures). As well, these companies receive an automatic 5% benefit level.

OK Local Development and Enterprise Zone Incentive Leverage Act Program Application 

Enterprise Zones can be designated in disadvantaged counties, cities or portions of cities. The Oklahoma Department of Commerce designates enterprise zones and publishes lists of eligible counties, cities and census tracts.  

2009 Enterprise Zone List

Bottom-Line Benefits
Businesses locating in an Opportunity Zone are not subject to the annualized average wage requirement in the standard Quality Jobs Program.  Within the Small Employer Quality Jobs Program, only businesses in Oklahoma, Tulsa, and Cleveland counties located within an opportunity zone are eligible to apply.

Businesses located in an Enterprise Zone 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.

Contact:
Sohail Hasanjee
405-815-5176
800-879-6552

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.