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
