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States Use Incentives to Attract Renewable Energy Business

Richard K. Greene, Senior Associate, The Williams Group Real Estate Advisors (Nov 09)
As the economy recovers, one particularly bright spot will be manufacturing for the renewable energy industry, which is already enjoying healthy popular and government support. More

Front Line: Oklahoma's Soaring Aerospace Industry Seeks Next Generation of Talent

Kathi Vieser Bianco (Nov 09)
Aerospace is one of Oklahoma's core industries, but continued growth must be fed by a new infusion of labor. More

Incentives in the New Economy

Kathy Mussio, Managing Partner, Atlas Insight, LLC (Nov 09)
What does the future of economic development incentives look like with so many states facing major budgetary challenges? More

Does Community Size Matter in Business Success?

Michelle Cammarata, Vice President, Workforce & Location Planning, CresaPartners (Oct/Nov 09)
From new business incentives to hand-to-hand combat, smaller cities are competing in this recession; but a community’s size — large or small — does not tell all. More
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Oklahoma  At A Glance
POPULATION: 3,642,361 (2008)

LABOR FORCE: 1,596,900 (Aug. 2008)

TRADITIONAL INDUSTRIES: Manufacturing, mining

EXPANDING INDUSTRIES: Communications, corporate services, aircraft and parts, oil and gas extraction, construction, fabricated metal products, alternative energy (wind and solar), biosciences

COLLEGE GRADUATES: (Age 25 and over) 22.2%

BASIC BUSINESS TAXES:
Corporate Income Tax:
6 percent of federal taxable income earned in Oklahoma

Corporate Franchise Tax: $1.25 per $1,000 or fraction thereof of capital used, invested, or employed in Oklahoma; minimum tax, $10; maximum, $20,000

Sales and Use Tax: 4.5 percent state rate; most cities levy an additional tax of 1 to 4.25 percent; counties may levy an additional tax up to 2 percent; the average city sales tax rate is 2.1 percent, and the average county sales tax rate is 1.1 percent

Property Tax: Levied on both real and tangible personal property at the county level; for all communities in Oklahoma, the effective property tax rate averages about 1 percent for real and personal property, exercised as a percentage of fair cash value

BUSINESS INCENTIVES:
Oklahoma Quality Jobs Program (“cash-back” incentive for qualifying manufacturing and service employers with rebates ranging from 5 to 6 percent)
21st Century Quality Jobs Program
Quality Jobs + Investment Tax Credit incentive
Oklahoma Small Employers Quality Jobs Program (“cash-back” incentive program)
American Indian Land Usage
New Markets Tax Credit (federal income tax credits)
    Oklahoma Finance Authorities:
  • • Pooled Business Finance Program
  • • Tax-Exempt Manufacturing Industrial Development Bond Program
Bid Assistance Centers (assistance in securing federal government contracts)
Oklahoma Center for the Advancement of Science and Technology (tech-transfer programs)
Oklahoma Capital Investment Board (venture-capital portfolio program)
Capital Access Program
Tribal financing
Export Finance Program
Customized job training
Freeport law
Industrial access road assistance
Foreign-trade zones
Local finance and build-to-suit programs (tax credits, exemptions, and refunds)
Five-year property tax abatement
Sales tax refund on construction materials

Oklahoma Chart
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