July 7, 2014
OKLAHOMA CITY - The Oklahoma Quality Jobs Program is a state incentive that rewards companies that create high quality new jobs in Oklahoma. Two important determining factors on the amount of the Quality Jobs Program incentive are "baseline" and "qualified new job".
"Baseline" is the number of jobs existing in Oklahoma at the time of application by the company.
A "qualified new job" is an employment position that meets the requirements of the Quality Jobs Program. A qualified new job must have health insurance coverage, must be paid an average wage above a certain minimum wage, and must be within the industry groups established by the Oklahoma Legislature, in addition to other legislative requirements.
The company is only paid the Quality Jobs Program incentive for the qualified new jobs that are in addition to the company's baseline. The amount of the incentive is based upon the new job payroll.
The actual number of jobs in place at any given time at a company may fluctuate for a variety of reasons.
The company will remain eligible for Quality Jobs Program incentive payments if the company's employment levels are greater than the company's baseline at the time of application.
Companies participating in the Quality Jobs Program must increase their qualified new job payroll by at least Two Million Five Hundred Thousand Dollars ($2,500,000) within the first three (3) years of participating in the Quality Jobs Program. If the company meets this "ramp up" requirement, the company continues in the Quality Jobs Program for the reminder of the incentive contract term or maximum incentive benefit whichever occurs first.
If the company does not meet the "ramp up" requirement, the company's incentive contract will end.
In the event a company ceases business operations in the state within three (3) years of the beginning of their incentive contract, the company is required to repay any Quality Jobs Program incentive payments the company may have received.
For more information on the Oklahoma Quality Jobs Program, visit http://okcommerce.gov/incentives