Oklahoma has some of the lowest tax rates and some of the best tax incentives in the nation. The state offers companies a low cost of doing business, a low cost of living for employees, and tax rebates that reduce tax burdens even further. The Oklahoma Team will help you identify all state and local incentives applicable to your project. Call the Oklahoma Team at 800-588-5959 today for your no-cost incentives analysis.

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.

This program is designed to attract growth industries and sectors to Oklahoma in the 21st century through a policy of rewarding businesses with a highly skilled, knowledge-based workforce. This incentive reduces out-of-state sales requirements from 75% to 50% for industries that are required to have out-of-state sales, and requires only 10 full-time jobs at an annual wage typically 300% of the county average wage. It also maximizes the eligible incentive by allowing a net benefit rate of up to 10% of payroll.

The Oklahoma Rural Jobs Act promotes greater access to capital for qualifying small businesses located in rural areas of the state. Rural Funds, their affiliates or investors may earn a tax credit on the amount equity that they invest in a Rural Fund, which must then deploy as capital expenditures to provide financing for small businesses in rural Oklahoma.

Oklahoma’s Tourism Development Act promotes investment in new or expanded tourism sites such as entertainment districts, destination hotels, arenas, museums, theme parks, cultural centers and others. These developments enrich our quality of life and attract at least 25% of its visitors from out-of-state.

The Business Expansion Incentive Program assists Oklahoma companies making major capital investments in depreciable items like machinery, equipment and buildings. This incentive makes annual cash payment awards to help companies grow and boost business expansion investments in Oklahoma. A typical incentive award is to a manufacturing company with an existing employee base making an investment of $5 million or more to expand their Oklahoma operation.

The Software/Cybersecurity Employee Tax Credit provides up to $2,200 annually for qualifying employees who receive a degree from a ABET accredited institution, or $1,800 annually for qualifying employees who are awarded a certificate from a technology center accredited by the Oklahoma State Board of Career and Technology Education. To receive the credit, employees must meet strict educational requirements and obtain employment in a qualified industry for a qualified employer. The credit can be claimed no more than 7 years and cannot be claimed simultaneously by an individual claiming the Aerospace Engineers tax credit.

Vehicle manufacturing companies that manufacture or assemble motor vehicles hiring engineers that are newly employed in the vehicle manufacturing sector will receive a tax credit equal to 5% of the compensation paid to an engineer, and 10% if the engineer graduated from an Oklahoma college or university (up to $12,500 per employee per year), 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 for 5 years.

Aerospace companies hiring engineers in a variety of fields will receive a tax credit equal to five (5) percent of the compensation paid to an engineer until January 1, 2026, or ten (10) percent if the engineer graduated from an Oklahoma college or university (up to $12,500 per employee per year), plus another credit of up to fifty (50) percent of the tuition reimbursed to an employee until January 1, 2026. Additionally, the engineer hired receives a tax credit of $5,000 per year until January 1, 2026.