OKLAHOMA INCENTIVES SUMMARY
Quality Jobs Program
The Oklahoma Quality Jobs incentive program promotes job growth by providing a cash grant equal to five percent of new taxable payroll for up to ten years. The company must generate $2.5 million in new annual payroll within three years. The grant increases to six percent if at least ten percent of new payroll consists of qualified military veterans.
21st Century Quality Jobs Program
The 12st Century Quality Jobs program is similar to the Quality Jobs Program by providing a cash grant of up 10% of payroll to businesses with a highly skilled, knowledge-based workforce. The grant is available for up to 10 years for the creation of 10 jobs with an annual average wage of the lesser of the 21st Century state indexed wage or 300 percent of the county average wage.
Investment/New Jobs Income Tax Credit
Provides a five-year tax credit for either an investment in depreciable property of at least $50,000 or on the addition of full-time equivalent employees involved in manufacturing, processing, or aircraft maintenance. The tax credit is equal to either one percent of the qualifying investment or $500 per new job, whichever is greater.
Quality Jobs + Investment Tax Credits
This tax credit incentive is available to manufacturing companies that have a large capital investment of at least $40 million in addition to creating high-skilled new jobs paying higher than the state average wage. The tax credit is equal to two percent per year for up to 5 years.
Notice: This list of economic development incentive programs is intended to provide a high-level overview of commonly pursued state discretionary programs. A comprehensive analysis of project details will determine the full scope of state and local incentive programs that may be available to support a specific project.