Oklahoma is globally recognized for its outstanding incentive programs and pro-business environment. Businesses can choose between a cash incentive or a tax credit package, and in some cases, qualifying businesses can take advantage of both programs.
Call us today at 405-815-5123 to request your preliminary incentives analysis. Our team will provide an estimate of the payments your business may be eligible to obtain.
Quality Jobs Program
The Quality Jobs Program makes quarterly cash payment of up to 5 percent of new taxable payroll to qualifying manufacturers and certain service industries that have a new payroll investment of $2.5 million or more.
Small Employer Quality Jobs Program
The Small Employer Quality Jobs Program provides quarterly incentive payments to a qualifying small employer (90 employees or less). Quarterly payments may be as much as 5% of new taxable payroll for up to 7 years.
21st Century Quality Jobs
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 $94,000 annually or higher, depending on county.
Investment/New Jobs Tax Credit 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.
Customized Employee Training
Oklahoma’s Training for Industry Program (TIP) is a no-cost/low-cost way for new or growing companies that create jobs to get a skilled, focused and motivated workforce.
Economic Development Pooled Financing
This incentive targets business expansion projects which include job creation and significant investment in facilities, machinery, and equipment.
Aerospace Engineer Workforce Tax Credit
Aerospace companies hiring engineers in a variety of fields will receive tax credit equal to 5% of the compensation paid to an engineer and 10% if the engineer graduated from an Oklahoma college or university, plus another credit of up to 50% of the tuition reimbursed to an employee. Additionally, the engineer hired receives a tax credit of $5,000 per year.
American Indian Lands Tax Credit
Two-thirds of Oklahoma, because of its unique Native American heritage, qualifies for special federal tax treatment. Businesses locating or expanding in these areas benefit by accelerated depreciation of investment and by employment tax credits when employing tribal members or their spouses
Additional Incentives Additional state and local incentives may apply to your business. Learn more with our Incentives Report and then call our team today at 405-815-5123 for no-cost incentives analysis.