Together, We Can make it Happen!
The City of Seminole voted for an Economic Development sales tax. At a time when most cities are retreating, the message from the Seminole residents is clear:
We do what it takes to get jobs.
But what does that mean to the companies who are looking to expand or relocate? An increase to the bottom line. With Seminole’s Economic Development funding added to Oklahoma’s business incentive package, Seminole is at the forefront as a location for new or existing businesses. Our business incentives are a valuable asset to improving your bottom line.
A Few Reasons Why Seminole Ranks High in Incentives
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 alternate five percent investment or $2,500 per new job income tax credit can be used to offset 100% of state income tax liability each year. Also, this tax credit is doubled in Enterprise Zones!
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
Because of its unique history, two-thirds of Oklahoma qualifies for a 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 a new or expanding company:
A. Quality Jobs 10-Year Cash-Back Incentive
This option is targeted to manufacturers and certain service companies that utilize Oklahoma Quality Jobs program and can show a 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.
B. Investment/Jobs Tax Credit Package
Targeted primarily to manufacturing, this 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.
5. Other Incentives Offered
- Sales Tax Refunds - available 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.
6. The Seminole Economic Development Council is the most agressive job creation entity in the Southwest. They have the expertise to customize a package your company cannot resist.
Information provided by the Oklahoma Department of Commerce.