The Oklahoma Department of Commerce (Commerce) opened applications for the Oklahoma Strategic Industrial Development Enhancement (SIDE) Act on July 1, 2023. As a result of three rounds of applications, Commerce has allocated a total of $8,797,553.40 SIDE Act tax credits for 11 projects. SIDE Act tax credits will help facilitate $54,714,478.50 in capital expenditures. These businesses plan to create approximately 201 new jobs associated with these projects.
“We are excited to announce the recipients of SIDE Act funding to help rural businesses and continue to support our own here in Oklahoma,” said Hopper Smith, Brigadier General (Ret.), Interim Executive Director of Commerce. “We are proud to champion projects that embody our vision for sustainable economic development, as we continue to pave the way for a prosperous future for Oklahoma.”
“The SIDE Act stands as a pillar program for rural areas, facilitating the construction of new facilities and bolstering existing ones in industrial parks,” said Jon Chiappe, Commerce Director, of Research & Economic Analysis Services. “This milestone underscores our commitment to fostering industrial growth in rural Oklahoma and enhancing the vitality of railroad infrastructure across the state. We look forward to the opportunity to continue to help Oklahoma communities with the existing open application.”
The SIDE Act facilitates construction of new or existing facilities at rural industrial parks and promotes the competitiveness of railroad infrastructure in the state. The full list of SIDE Act recipients can be found on the Commerce website at www.okcommerce.gov/doing-business/business-relocation-expansion/incentives/side-act/#Recipients.
SIDE Act improvements can be done through projects that include qualified economic development expenditures in industrial parks, qualified initial infrastructure expenditures associated with industrial parks, or a combination of the two. Once an application is submitted and eligibility requirements are met, the Oklahoma Department of Commerce may allocate Strategic Industrial Development tax credits, a corporate income tax credit, to the eligible entity for the completion of the qualifying project.
Since there are still $3,202,446.60 in SIDE Act funds remaining Commerce will consider additional applications for 2023. Applications may be submitted online here. Incomplete Applications will be rejected. Complete applications will be reviewed on a first-come, first-served basis until funds run out or until December 15, 2023, 5 p.m. CST, whichever is first.
