Together
We Can Make It Happen!
Seminole
has put its money where its mouth is and funded an economic development
plan with a sales tax for 18 years with a large portion earmarked to fund
ED. We do what it takes to get jobs.
Increase the bottom Line! Isn’t that every company’s goal? Seminole’s ED funding added to Oklahoma’s business incentive package has placed the state at the forefront as a location for new or existing businesses. Our business incentives are a valuable asset to improving your bottom line. Here are four reasons why Oklahoma ranks high in incentives:
1. Easy
Oklahoma’s state business incentives are simple, straightforward and statutory.
2. True Tax Credits
State tax credits are 100% useable in Oklahoma. The state’s alternative five percent investment or $2,500 per new job income tax credit (doubled in Enterprise Zones) can be used to offset 100% of state income tax liability each year.
3. Business Friendly
Oklahoma’s award winning Quality Jobs incentive gives qualifying enrolled companies quarterly rebates of up to five percent of taxable wages for up to 10 years. Since inception, the state has committed over $1.2 billion of incentive payments to more than 300 companies. Over 260 companies have already received more than $286 million in wage rebates. Currently the quality jobs program pays benefits on more than 35,000 new jobs in the Oklahoma economy.
4. Special Federal Tax Treatment
Two-thirds of Oklahoma, because of its unique history, qualified for special federal tax treatment. All firms in qualifying lands are entitled to utilize accelerated depreciation schedules on their federal income taxes. In addition, firms in the area that hire Native Americans or their spouses also qualify for federal income tax credits. With tax liability, this accelerated depreciation is worth in present value terms three to four percent of the cost of investment compared to a non-qualifying location. The State of Oklahoma offers two business incentive options for new or expanding companies. Manufacturers must choose Option 1 or Option 2.
Option 1: Quality Jobs 10-Year Cash-Back Incentive
Targeted to manufacturers and certain service companies that utilize the Oklahoma Quality Jobs program by having a new payroll investment of $2.5 million or more. A lower payroll threshold is available for certain food processing and research and development projects or as a result of location in targeted areas.
Option 2: Investment/Jobs Tax Credit Package
Targeted primarily to manufacturing, the incentive allows tax credits on the great of 1% per year for five years of investment in qualified new depreciable property or a credit of $500 per year for five years per new job, doubled in an Enterprise Zone or for capital investment in excess of $40 million. The credit may be carried forward for 15 years once the credits are accumulated.
*Sales Tax Refunds – on construction materials for certain manufacturers and aircraft maintenance repair facilities; on purchases of computers, data processing equipment, and telecommunications equipment for certain aircraft facilities.
*Income Tax Exemptions/Credits – for hazardous waste reuse or source reduction, CNG conversion, and insurance premiums.
*Information provided by the Oklahoma Department of Commerce.
Increase the bottom Line! Isn’t that every company’s goal? Seminole’s ED funding added to Oklahoma’s business incentive package has placed the state at the forefront as a location for new or existing businesses. Our business incentives are a valuable asset to improving your bottom line. Here are four reasons why Oklahoma ranks high in incentives:
1. Easy
Oklahoma’s state business incentives are simple, straightforward and statutory.
2. True Tax Credits
State tax credits are 100% useable in Oklahoma. The state’s alternative five percent investment or $2,500 per new job income tax credit (doubled in Enterprise Zones) can be used to offset 100% of state income tax liability each year.
3. Business Friendly
Oklahoma’s award winning Quality Jobs incentive gives qualifying enrolled companies quarterly rebates of up to five percent of taxable wages for up to 10 years. Since inception, the state has committed over $1.2 billion of incentive payments to more than 300 companies. Over 260 companies have already received more than $286 million in wage rebates. Currently the quality jobs program pays benefits on more than 35,000 new jobs in the Oklahoma economy.
4. Special Federal Tax Treatment
Two-thirds of Oklahoma, because of its unique history, qualified for special federal tax treatment. All firms in qualifying lands are entitled to utilize accelerated depreciation schedules on their federal income taxes. In addition, firms in the area that hire Native Americans or their spouses also qualify for federal income tax credits. With tax liability, this accelerated depreciation is worth in present value terms three to four percent of the cost of investment compared to a non-qualifying location. The State of Oklahoma offers two business incentive options for new or expanding companies. Manufacturers must choose Option 1 or Option 2.
Option 1: Quality Jobs 10-Year Cash-Back Incentive
Targeted to manufacturers and certain service companies that utilize the Oklahoma Quality Jobs program by having a new payroll investment of $2.5 million or more. A lower payroll threshold is available for certain food processing and research and development projects or as a result of location in targeted areas.
Option 2: Investment/Jobs Tax Credit Package
Targeted primarily to manufacturing, the incentive allows tax credits on the great of 1% per year for five years of investment in qualified new depreciable property or a credit of $500 per year for five years per new job, doubled in an Enterprise Zone or for capital investment in excess of $40 million. The credit may be carried forward for 15 years once the credits are accumulated.
*Sales Tax Refunds – on construction materials for certain manufacturers and aircraft maintenance repair facilities; on purchases of computers, data processing equipment, and telecommunications equipment for certain aircraft facilities.
*Income Tax Exemptions/Credits – for hazardous waste reuse or source reduction, CNG conversion, and insurance premiums.
*Information provided by the Oklahoma Department of Commerce.