March 5, 2012
OKLAHOMA CITY — The Oklahoma Department of Commerce has announced that 109 new jobs will be created by three companies recently accepted into the Small Employer Quality Jobs Program in February. The information below includes:
|Company Name||Town Location||Town Population||New Jobs||NAICS Code||Benefit Rate||New or Expanded||Maximum Benefits|
|Oklahoma Materials Recycling LLC||Atoka||3,107||50||327999||5.00%||New||$818,774|
About the new Small Employer Quality Jobs enrollees:
Oklahoma Materials Recycling, LLC is a manufacturer of molybdenum oxide products from spent catalyst used in the petroleum refining process.
Exopack, LLC is an established leader in the development, manufacturing and sourcing of paper and plastic flexible packaging solutions and engineered coatings for a variety of consumer and industrial applications.
Inoveon Corporation develops electronic medical records systems, telemedicine and clinical trial support.
The Oklahoma Small Employer Quality Jobs Program gives qualifying enrolled companies quarterly cash rebates of up to five percent of newly created taxable payroll for up to seven years. A fully executed contract with the Oklahoma Department of Commerce must be in place before any new jobs can be included in the new taxable payroll. Since 2002, the program has enrolled more than 70 companies and paid benefits of more than $2.2 million.
Participants must be within a qualifying basic industry in order to receive benefits. A company may have no more than 90 employees at the time of application. Based on the population of the city where the project is to be located, the applicant company must create between five and 15 new jobs, at a minimum, to qualify. The activities and functions for which these jobs are being created must not have existed during the previous six months. Companies located in a community of fewer than 3,500 must create at least five jobs while companies in communities with a population of 3,500 to 7,000, at least 10 new jobs are required; and in communities with a population of more than 7,000, at least 15 new jobs are required to qualify. Companies located in counties with a population of more than 200,000 are excluded from participation unless the census tract in which they are located has been designated as an Opportunity Zone.
Companies have 24 months to reach these job creation requirements. All businesses must offer basic health insurance coverage to all employees and 80 percent of employees must work at least 30 hours per week.
The amount of each company’s incentive is determined through a cost benefit analysis prepared by the Oklahoma Department of Commerce. Costs to the state resulting from in-migration may decrease the amount of benefit the state receives from a company, thus lowering the incentive payment. Payments cannot exceed five percent of payroll and have averaged about 4.5 percent.