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Oklahoma is globally recognized for its outstanding incentive programs and pro-business environment. There are incentives directed at communities to help them find growth opportunities.
- Oklahoma Incentives and Tax Guide
Oklahoma Remote Quality Jobs
This program is designed to encourage remote workers to live and work in Oklahoma. Remote workers have specialized skills and can live and work anywhere. Facilitating their migration to Oklahoma improves our population growth and contributes to positive fiscal and demographic trends. Proxy establishments that facilitate the attraction of remote workers to Oklahoma may receive quarterly incentive payments based on a net benefit rate and actual payroll.
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.
Small Employer Quality Jobs Program
The Small Employer Quality Jobs Program provides quarterly incentive payments to a qualifying small employer (500 employees or less). Quarterly payments may be as much as 5% of new taxable payroll for up to 7 years.
21st Century Quality Jobs Program
This Quality Jobs program is specially tuned for businesses with a highly-skilled, knowledge-based workforce. This unique incentive may pay qualifying businesses cash back, up to 10 percent of payroll, for up to ten years for the creation of 10 jobs with an average wage of $104,954 annually or higher, depending on the county.
Quality Jobs + Investment Tax Credits
These tax credits target manufacturing industries that have a large capital investment of at least $40 million in addition to creating new jobs that pay higher than the state average wages. The credits also allow a five-year tax credit on the greater of 2 percent per year of investment in qualified new depreciable property or credit of $1,000 per year per new job.
Quality Events Act
Oklahoma Tourism Development Act
With the Oklahoma Quality Events Act, communities can be reimbursed for expenses related to hosting events. Eligible events include a new event of a nationally recognized organization or its members; a new or existing event that is a national, international or world championship; or a new or existing event that is managed or produced by an Oklahoma-based national or international organization. To qualify, a community must apply not less than 30 days prior to the start of the event and within 60 days of adopting a resolution by submitting to the Oklahoma Tax Commission.
Investment / New Jobs Package
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.
P3 Pooled Finance Program
This Public-Private Partnership (P3) program facilitates local infrastructure development where there is also a benefit to for-profit companies. Infrastructure development can include any critical infrastructure identified by local government entities contributing to the competitiveness of the region’s economy and essential for government functions.
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.
American Indian Lands Tax Credit
Because of the state’s unique Native American heritage, two-thirds of Oklahoma locations qualify for special federal tax treatment. Businesses locating or expanding in these areas can claim accelerated federal depreciation on their buildings, resulting in tax savings of up to 40%. Additionally, businesses in qualifying areas that hire Native Americans or their spouses living in the area can claim federal tax credits of up to $4,000 per qualifying employee.
Disclaimer: Federal tax credits on hiring expires Dec 31, 2021, and must be renewed for investments that occur past Jan 1, 2022. Accelerated federal depreciation on buildings expired Dec 31, 2020 and must be renewed for investments that occur past Jan 1, 2021.
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.
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Oklahoma Enterprise Zone Incentive Leverage Act
The Leverage Act provides funding for local units of government to match local tax revenue dedicated to support a project located in an enterprise zone, or in support of a major tourism destination project deemed likely to significantly benefit a contiguous or nearby enterprise zone tract.
Investment / New Jobs Package
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.
Your Research & Economic Analysis Services Team
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Jon Chiappe
Aldwyn Sappleton
Michael Craig
Lesli Crofford
Alexis Carr
Ernest Abrogar
Michael Lewis
