The application period for the Rural Jobs Act has now closed, and no additional applications are being accepted.
The Oklahoma Department of Commerce has approved five rural funds to participate in the Rural Jobs Act. This program is for six years, and the tax credits are only offered at 15% in years 3-6 after the capital allocation date. All approved funds have been subsidized and provided appropriate evidence of funding. By December 16, 2024, 60% of the funds must be deployed as either equity or debt financing for eligible businesses in rural areas.
At least 10%, or $2,000,000, of the $20,000,000 certified capital investment eligible for tax credits, must be raised from sources including directors, members, employees, officers or affiliates of the approved rural fund.
|Fund Name & Contact||Funding Entity||Address|
Enhanced Capital Oklahoma Rural Fund, LLC
|Enhanced Capital Group, LLC||201 St. Charles Avenue, Suite 3400, New Orleans, LA 70170|
Midwest Community Development Fund XV, L.L.C.
|Advantage Capital Community Development Fund, L.L.C.||909 Poydras Street, Suite 2230, New Orleans, LA 70112|
|Michael T. Johnson|
Oklahoma Rural Investment Fund, L.L.C.
|Affordable Equity Partners||206 Peach Way, Columbia, MO 65203|
Oklahoma Rural Jobs Subsidiary Fund, LLC
|Oklahoma Rural Jobs Investment Company, LLC||3299 K Street NW, Suite 700, Washington, D.C. 20007|
Stonehenge Oklahoma Rural Fund I, LLC
|Stonehenge Oklahoma Rural Fund Holdings, LLC||236 Third Street, Baton Rouge, LA 70801|
The Certified Capital Investment Eligible for Tax Credits is $20,000,000 per fund listed.
The Oklahoma Department of Commerce has finished accepting applications for the first round of the Rural Jobs Act. This is a six-year program and the tax credits are only available in years 3-6 after the capital allocation date.
Application requires submitting:
- the amount of capital investment requested – a maximum of $100 million; (This may be submitted by completing Tab 1 in the ORJA Application spreadsheet, which you may find below)
- copies of licenses AND certificate mentioned in 68 O.S. § 3932(A)(2);
- evidence of investment of at least $100 million invested in small businesses in rural areas of the nation (This may be submitted by completing Tab 2 in the ORJA Application Spreadsheet, which you may find below);
- a business plan covering 10 years stating the investment objective of the rural fund; and the revenue assessment; and the anticipated jobs creation and retention of the rural fund (This requires two notarized affidavits indicating the consulting firm and the applicant firm are unrelated) ; and
- the application fee.
In addition to the five items statutorily required to be submitted as a part of the application, the Oklahoma Department of Commerce requires the below to be submitted at the same time for the application to be considered complete.
- Bios of the officers of the applicant and the affiliates of the applicant should be included so that the Oklahoma Department of Commerce may perform due diligence.
- Organization Chart showing the ownership structure and relationship for the Rural Fund, its affiliates and its investors.
Please email your completed application to OKRuralJobs@okcommerce.gov. If you do not receive a confirmation email within 60 minutes, please call 405-815-5210. The confirmation email will serve as your proof of submission on a given date. began
A rural fund may request from Commerce a written opinion as to whether the business that it proposes to invest is an eligible business, which must have its principal operations in Oklahoma and at the time of initial qualified investment has fewer than two hundred fifty employees. However, Commerce is not involved in the investment decisions of private companies. Please submit questions or opinions to OKruraljobs@okcommerce.gov
Once making a capital investment in a rural fund, a rural investor will have the right to a credit against such entity’s state tax liability. No credit claimed under this stipulation shall be refundable or saleable on the open market.
Reports must be submitted to Commerce on the second and third anniversary of the initial credit allowance date to provide documentation as to investment amounts. In subsequent years, rural funds shall submit an annual report with required information.
A rural fund may apply to the Commerce to exit the program on or after the sixth anniversary of the credit allowance date.
Oklahoma's Qualifying Areas
View the Rural Jobs Act qualifying counties and cities in Oklahoma.
Call us today at 800-588-5959 and we’ll get started on a cost/benefit analysis for your business. After your preliminary assessment, we can assist you with the application process.
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.
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