| State: |
OK |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Jobs Credits |
| Description: |
1) INVESTMENT/NEW JOBS TAX CREDIT Eligible manufacturers are allowed a five year credit that is based upon either 1% of the qualifying investment or $500 per new employee. Businesses participating in this benefit are not allowed to take the Quality Jobs Credit. The maximum credit in the first five years equals up to 5% of the investment, or $2,500 per new employee. 2) QUALITY JOBS PROGRAM This incentive program provides quarterly cash payments of up to 5% of newly created gross taxable payroll to a qualifying company. Businesses participating in this program may not use certain income tax credits, sales tax refunds, or loan programs. 3) SMALL EMPLOYER QUALITY JOBS PROGRAM This incentive program provides qualifying companies with annual payments of up to 5% of new taxable payroll for up to 7 years. Companies in metropolitan counties must be located in an opportunity zone. Participating companies are excluded from certain other incentive programs.
4) INSURANCE PREMIUM TAX CREDIT Relocating or expanding insurance companies of at least 200 employees that choose Oklahoma for a regional home office are eligible for credits of up to 50% of the tax imposed in the Insurance Code. This credit is not available to participants in the Quality Jobs Program.
5) INCOME TAX CREDIT FOR COMPUTER, DATA PROCESSING, & RESEARCH AND DEVELOPMENT JOBS are available for up to 8 years based on the number of new, full-time employees with at least a $35,000 annual wage. The credit allowed is $500 per employee, up to 50 employees. This credit is not available to participants in the Quality Jobs Program.
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| Eligibility Requirements: |
1) Must be a qualified manufacturer with an investment of at least $50,000, and meet certain wage requirements. 2) Must be a qualified business and maintain an annual payroll of $2.5 million, offer qualified health insurance, meet employee eligibility requirements, and meet wage thresholds. 3) Companies must be an eligible business meeting certain business requirments such as providing health insurance and must add at least 5 new employees. 4) Must be a qualified insurance company with a minimum of 200 employees. 5) Must be an eligible business meeting the wage requirements. |
| Geographic Restrictions: |
Statewide |
| Granting Authority: |
State of Oklahoma |
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