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Schedule

Oklahoma Tax Commission

Railroad Reconstruction or Replacement Expenditures

Estimated Incentive Cost

$640,232

Program Type

Tax Credit

Citation

68 O.S. sec.2357.104

Industry

Rail

Sunset

None Found

Review Year

4
A credit is available that is equal to 50% of an eligible taxpayer's qualified railroad reconstruction or replacement expenditures. The rules provide for the approval of qualified railroad reconstruction or replacement expenditures prior to commencement of a project and provide a certificate of verification upon completion of a project that uses qualified railroad reconstruction or replacement expenditures.
Oklahoma Department of Commerce

Rural Economic Action Plan

Estimated Incentive Cost

$10,884,894

Program Type

N/A

Citation

62 O.S. 2001

Industry

Rural Development

Sunset

None Found

Review Year

4
Funds are available for cities or towns with a population of 7,000 or less. Any city or town with a population less than 1,750 shall have a higher priority. Rural water districts with less than 525 non-pasture customers, and cities or towns that have a "relatively weaker fiscal capacity" shall have priority. Eligible projects include: sewer line construction or repair and related storm or sanitary sewer projects, water line construction or repair, water treatment, water acquisition, and distribution or recovery and related projects.
Oklahoma Tax Commission

Spaceport Exemption

Estimated Incentive Cost

None

Program Type

Tax exemption

Citation

68 O.S. sec. 1356) [32 - 37]

Industry

Aerospace

Sunset

None Found

Review Year

4
Sales of any tangible property to a spaceport user as determined by the Oklahoma Space Industry Development Authority are exempt from sales tax. Launch vehicles, satellites, and such related attached or used property may also be purchased free from sales and use tax.
Oklahoma Tax Commission

Telecommunications Sales Tax Exemption

Estimated Incentive Cost

N/A

Program Type

Tax exemption

Citation

68 O.S. sec.1354 and 1357 [18] [26]

Industry

Telecom

Sunset

None Found

Review Year

4
Sales tax exemptions apply to interstate 1-800, WATS, and interstate private-line business telecommunication services, and to cell phones sold to a vendor who transfers the equipment as part of an inducement to a consumer to contract for wireless telecommunications.
Oklahoma Department of Commerce

The Oklahoma Local Development and Enterprise Zone Incentive Leverage Act

Estimated Incentive Cost

N/A

Program Type

Grant; Loan guarantee

Citation

62 O.S. sec. 840

Industry

Enterprise Zones, Tourism, Military

Sunset

Project must be completed no later than December 31, 2024

Review Year

4
Provides funding for local units of government to match local tax revenue dedicated to support a project located in an enterprise zone, in support of a major tourism destination, or in support of a military growth impact. Projects must be located entirely in an enterprise zone, no more than 10% of the net leasable space may be used for retail, state local government payments cannot be used to supplant local revenue currently being expended within the increment district boundaries, and certification that all projects described within the related project plan will generate either a $1,000,000 in payroll or $5,000,000 in investment.
Oklahoma Department of Career and Technology Education

Training For Industry Program (TIP)

Estimated Incentive Cost

$683,317

Program Type

Other

Citation

no reference

Industry

Various

Review Year

4
TIP can help a new or expanding company create the trained workforce it needs in order to be productive from the start. TIP is delivered through Oklahoma's CareerTech System. It is low or in some cases, no cost to the company.
Oklahoma Tax Commission

Affordable Housing Act1

Estimated Incentive Cost

$4,000,000

Program Type

Tax Credit

Citation

68 O.S. sec. 2357.403

Industry

Residential

Sunset

None

Review Year

3
An income tax credit, equal to the amount of federal low-income housing tax credit, not to exceed $4.0 million per allocation year, is allowed for qualified housing projects placed in service after July 1, 2015.
Oklahoma Department of Agriculture, Food, & Forestry

Basic and Applied Research Loan/Grant

Estimated Incentive Cost

N/A

Program Type

Loan/Loan Participation

Citation

2 O.S.sec.5-3.1

Industry

Various

Sunset

None Found

Review Year

3
The purpose of the Oklahoma Agriculture Enhancement and Diversification Program is to promote and encourage the interests of agriculture through the allocation of funds, by grant or loan, to individuals, cooperatives and other agricultural entities to provide assistance to projects dealing with eh development of new or expanded uses of agriculture products, and to increase productivity and added value of agricultural products.
Oklahoma Department of Commerce

Energy Efficient Residential Construction Tax Credit

Estimated Incentive Cost

$4,876,495

Program Type

Tax credit

Citation

68 O.S. sec.2357.46

Industry

Residential

Sunset

None Found

Review Year

3
An income tax credit, not to exceed $4,000, is allowed for eligible expenditures incurred by a contractor in the construction of energy efficient residential property of 2,000 square feet or less. Unused credit may be carried over for a period of 4 years. This credit is transferable.
Oklahoma Tax Commission; Oklahoma Center for Advancement of Science and Technology

Incentives for Inventors

Estimated Incentive Cost

N/A

Program Type

Tax Exemption

Citation

74 O.S. sec.5064.7

Industry

Innovation

Sunset

None Found

Review Year

3
Royalty income is exempt from state income taxes for a period of 7 years upon certain products developed and manufactured in Oklahoma. Further, manufacturers may qualify for the Oklahoma Investment/New Jobs Credit (68 O.S. sec.2357.4) and an income exclusion of 65% of depreciable property purchased and directly used in manufacturing the product not to exceed $500,000.

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