Oklahoma’s Official Incentives Guide Has Been Updated
The Oklahoma Department of Commerce has updated its Business Incentives and Tax Information Guide, which details the rules, legislation and appropriations related to taxes and incentives.
The updated version was released today and contains five key updates from the 2010 guide. Three of the updates involve state credits and incentive funds, while two are related to federal credits.
The Oklahoma Opportunity Fund
The guide was updated to reflect that no new appropriations were directed to this fund in the 2011 legislative session. While currently unfunded, the program remains on the books.
Oklahoma Quick Action Closing Fund
Added to the guide was an economic development fund Gov. Mary Fallin signed into law on May 24, 2011. The closing fund can be used by the governor to help incentivize “high-impact” business relocation to Oklahoma, or to keep such a business from moving to another state.
“Qualifying Industry Activities” added to Quality Jobs programs
The new guide reflects legislation passed in the 2010 legislative session, which added five industry activities to the Quality Jobs, Small Employer Quality Jobs and the 21st Century Quality Jobs programs.
The new industries are:
- Support Activities for Rail Transportation
- Support Activities for Water Transportation
- Alternative Energy Power and Communication Line and Related Structures Construction
- Solar Roofing Contractors
- Solar Plumbing, Heating, and Air Conditioning Contractors
Right-click here to download the 2011 guide.