Oklahoma provides a wide range of business incentives to attract investment, promote job creation, and stimulate economic growth across various industries.  The state is committed to fostering a business-friendly environment with competitive tax rates and financial assistance programs.  Oklahoma offers both tax credits and direct funding for businesses involved in manufacturing, energy, technology, and other key sectors.  Below are some of the most notable incentives available for businesses in Oklahoma.

Oklahoma Quality Jobs Program

Overview

The Oklahoma Quality Jobs Program provides cash incentives to companies that create quality jobs in the state.  The program is designed to support job creation in targeted industries such as manufacturing, biotechnology, and energy.

Eligibility

• The business must create a minimum number of new full-time jobs in Oklahoma.

• The jobs must meet or exceed a specified wage threshold, which varies by county.

• The business must be in a qualified industry, including manufacturing, transportation, technology, and professional services.

Incentive Value

• The cash incentive is a percentage of new payroll for eligible employees.

• The incentive can last up to 10 years and the amount varies depending on the number of jobs created and the business's location.

Application Process

Businesses must apply through the Oklahoma Department of Commerce (DOC), providing detailed job creation projections, wages, and capital investment details.

Oklahoma Investment/New Jobs Tax Credit

Overview

The Oklahoma Investment/New Jobs Tax Credit is designed to encourage business investment and job creation.  This incentive is aimed at new businesses relocating to Oklahoma or existing businesses expanding their operations.

Eligibility

• The business must invest in qualifying property and create new jobs in Oklahoma.

• The investment must exceed a specified minimum threshold and meet job creation requirements.

Incentive Value

• The tax credit is calculated as a percentage of the new investment and payroll.

• The incentive is available for up to 5 years, depending on the business's investment and job creation.

Application Process

Businesses must apply to the Oklahoma Tax Commission, providing evidence of the investment, job creation, and expected long-term benefits for the local community.

Oklahoma Tax Credit for Manufacturing Investments

Overview

Oklahoma offers a tax credit for businesses that make significant capital investments in manufacturing facilities.  The program is designed to attract manufacturing companies and encourage existing manufacturers to expand their operations in the state.

Eligibility

• The business must invest in new or expanded manufacturing facilities within Oklahoma.

• The investment must meet a minimum threshold for capital expenditures.

Incentive Value

• The credit is equal to a percentage of the capital investment made by the business.

• The amount of the credit depends on the size of the investment and the number of new jobs created.

Application Process

Businesses must apply through DOC, submitting information about the manufacturing investment and expected job creation.

Oklahoma Small Business Capital Formation Incentive

Overview

The Oklahoma Small Business Capital Formation Incentive is designed to encourage private investments in small businesses.  The program offers tax credits to investors who provide capital to qualifying small businesses.

Eligibility

• The business must be a small, privately-held company operating in Oklahoma.

• The business must use the investment for growth or expansion, including equipment, infrastructure, or working capital.

Incentive Value

• Investors who provide capital to qualifying small businesses can receive a tax credit of up to 20% of their investment, with a maximum annual credit of $50,000 per investor.

Application Process

Businesses must apply to DOC and submit detailed investment plans. Investors must also apply to receive the tax credit.

Oklahoma Film Enhancement Rebate Program

Overview

Oklahoma offers a Film Enhancement Rebate Program to attract film and television productions to the state.  This incentive is designed to support the growing film industry by offering a rebate on production expenses incurred within Oklahoma.

Eligibility

• The production must be a qualified film or television project.

• The production must meet a minimum threshold for in-state spending.

Incentive Value

• The program offers a rebate of up to 35% of eligible production expenses.

• The rebate covers costs such as crew wages, equipment rentals, and in-state purchases related to the production.

Application Process

Filmmakers must apply through the Oklahoma Film and Music Office, providing details on production budgets, locations, and expected in-state expenditures.

Oklahoma Historic Preservation Tax Credit

Overview

The Oklahoma Historic Preservation Tax Credit is designed to encourage the rehabilitation and preservation of historic properties in the state.  The program offers tax credits to businesses that restore historic buildings for commercial use.

Eligibility

• The property must be listed on the National Register of Historic Places or be located in a designated historic district.

• The business must complete the rehabilitation according to specific guidelines set by the Oklahoma State Historic Preservation Office.

Incentive Value

• The credit offers up to 20% of qualified rehabilitation costs for historic properties.

• The credit can be applied to offset state income taxes and may be used over multiple years.

Application Process

Businesses must apply through the Oklahoma State Historic Preservation Office, submitting a rehabilitation plan and proof of project costs.

Oklahoma Rural Economic Development Grant Program

Overview

The Oklahoma Rural Economic Development Grant Program provides funding to businesses that create jobs and support economic development in rural areas.  This program aims to attract businesses to underdeveloped regions of Oklahoma and stimulate local economies.

Eligibility

• The business must be located in a rural area of Oklahoma, defined as any location outside of urbanized counties.

• The business must meet job creation, wage standards, and other development criteria.

Incentive Value

• Grants are awarded to businesses for infrastructure development, job training, and job creation initiatives.

• The maximum grant amount varies depending on the scope of the project.

Application Process

Businesses must apply through DOC, providing project plans, job creation projections, and a budget.

Oklahoma Energy Efficiency Tax Credit

Overview

The Oklahoma Energy Efficiency Tax Credit is designed to encourage businesses to invest in energy-saving technologies.  This program supports businesses that upgrade their facilities with energy-efficient equipment and technologies.

Eligibility

• The business must install energy-efficient systems, such as energy-efficient lighting, HVAC, or insulation.

• The improvements must meet specific energy-saving standards established by the state.

Incentive Value

• The tax credit is equal to a percentage of the cost of qualifying energy-efficient improvements.

• The credit can be applied to state corporate income taxes.

Application Process

Businesses must apply to the Oklahoma Department of Environmental Quality, providing evidence of energy-saving measures and their impact.