Oklahoma Department of Commerce
Oklahoma is globally recognized for its outstanding incentive programs and pro-business environment. Through the Oklahoma Department of Commerce, businesses can choose between a cash incentive or a tax credit package, and in some cases, qualifying businesses can take advantage of both programs.
Quality Jobs Program
- This program provides quarterly cash payments up to 5% of new payrolls for up to 10 years. Companies must achieve an average wage threshold and $2.5 million in new annual payrolls within three years to qualify. Companies must offer basic health insurance to employees. In some cases, qualifying companies must also attain 75% out-of-state sales.
Small Employer Quality Jobs Program
- Quarterly cash payments of up to 5 percent of new taxable payroll
- Qualifying small employer = 90 employees or fewer
- Annual salaries that are at least 110 percent of average county wage
21st Century Quality Jobs
- This program is designed to attract growth industries and sectors to Oklahoma in the 21st century through a policy of rewarding businesses with a highly skilled, knowledge-based workforce. This incentive reduces out-of-state sales requirements from 75% to 50% for industries that are required to have out-of-state sales, and requires only 10 full-time jobs at an annual wage typically 300% of the county average wage. It also maximizes the eligible incentive by allowing a net benefit rate of up to 10% of payroll.
Incentive/New Jobs Tax Credit Package
- Choice of tax credit based on investment or new employees.
- Five-year state tax credit on the greater of 1% per year of investment in new depreciable property, or $500 per new job.
- Credit doubles to 2% or $1,000 per employee in Enterprise Zones and Priority Enterprise Zones, or for investments of $40 million.
- Minimum investment of $50,000.
- May be combined with Quality Jobs under certain circumstances.
- Investment in Priority Enterprise Zones (PEZs) may take advantage of Federal Opportunity Zone Funds. PEZs have the same benefits as regular Enterprise Zones, and are designed to match the boundaries and duration of Federal Opportunity Zones.
Aerospace Engineer Workforce Tax Credit
- Aerospace companies hiring engineers in a variety of fields will receive a tax credit equal to five (5) percent of the compensation paid to an engineer until January 1, 2026, or ten (10) percent if the engineer graduated from an Oklahoma college or university (up to $12,500 per employee per year), plus another credit of up to fifty (50) percent of the tuition reimbursed to an employee until January 1, 2026. Additionally, the engineer hired receives a tax credit of $5,000 per year until January 1, 2026.
Oklahoma Business and Incentive Tax Guide
Stillwater Chamber of Commerce
The Chamber is actively involved in recruiting quality jobs to Stillwater. Because of this, it created an additional Workforce Incentive Program to complement those provided by the State of Oklahoma.
- One-time payment ranging from $1,500-$3,000
- Average wage must be above Payne County average wage
- Minimum of 10 jobs created within 24 months of the contract period
- Health insurance coverage should be offered to all employees working 30 hours or more per week
- The employer should contribute at least 50 percent of the employees health insurance premium cost
- Employees must be allowed access to the coverage within 60 days of initial employment date
Stillwater Chamber of Commerce - Workforce Incentive Program Guidelines
Whether you're a new or expanding company in our state, our nationally acclaimed Training for Industry Program (TIP) can help you create the quality workforce you need, all at little or no cost to you. TIP is delivered through Oklahoma CareerTech's system of 59 technology center campuses across the state. Meridian Technology Center provide these services in Stillwater. Services provided include job analysis, training needs assesments, pre-employment training, pre-production training, post-production training, instructional materials and development, training supplies, and more.
New Market Tax Credits
The New Market Tax Credits program incentivizes community development and economic growth through the use of tax credits that attract private investment to distressed communities. The credit totals 39 percent of the original investment amount and is claimed over a period of seven years. New market tax credits are available in Stillwater.