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Schedule

Oklahoma Department of Commerce

Hi Impact Quality Jobs Program

Estimated Incentive Cost

$0

Program Type

Rebate

Citation

68 O.S. sec.3708

Industry

Basic Industry

Sunset

None Found

Review Year

2
Lowers annualized payroll threshold to $1 million for businesses that produce new direct jobs to the State that are equal to or greater than 1% of the total labor force of the county in which they locate. Payout is 2.5% of taxable wages for 6 years.
Oklahoma Insurance Department

Home Office Tax Credit

Estimated Incentive Cost

$18,927,316

Program Type

Tax credit

Citation

36 O.S. sec. 625. 1

Industry

Various

Sunset

None Found

Review Year

2
Insurance companies that locate or expand regional home offices in Oklahoma and maintain an employee level above 200 are eligible for special tax credits against the tax imposed in the Insurance Code. Annual credits range from 15% to 50% based on numbers of full time and year-round employees. This credit is not available to participants in the Quality Jobs Program.
Oklahoma Tax Commission

Clean Burning Fuel Vehicle Credit

Estimated Incentive Cost

$8,860,473

Program Type

Tax credit

Citation

68 O.S. sec.2357.22

Industry

Renewable Energy

Sunset

12/31/19

Review Year

2
A one-time income tax credit is allowed for investments in qualified clean-burning motor vehicle fuel property. Depending on the type of property, the credit is either 50% or 75% of the cost of the qualified clean burning motor vehicle fuel property. In cases where no credit is previously claimed and a motor vehicle is purchased with "factory installed" clean-burning fuel equipment, and the taxpayer elects not to determine the exact investment cost, the credit is limited to 10% of the motor vehicle purchase price up to $1,500. Property directly related to the delivery of natural gas from a private home qualifies for a credit of the lesser of 50% of the cost of the property or $2,500. Any credit allowed but not used may be carried over for a period of 5 years.
Oklahoma Tax Commission

Production Enhancement Rebate (Gross Production)

Estimated Incentive Cost

$2,317,238

Program Type

Rebate

Citation

68 O.S. sec. 1001 G

Industry

Energy

Sunset

6/30/20

Review Year

2
Provides for a 28 month rebate of gross production tax for wells having work done to increase production. Rebate based on incremental amount of production realized from the enhancement.

Coal Production

Estimated Incentive Cost

$1,040,457

Program Type

N/A

Citation

68 O.S. sec.2357.11

Industry

Coal

Sunset

12/31/21

Review Year

2
Section B - Provides an income tax credit for the purchase of Oklahoma-mined coal to the citizens of Oklahoma, or to those businesses which burn coal to generate heat, light or power for use in manufacturing operations in Oklahoma. Section D - A coal credit to businesses primarily engaged in mining, producing or extracting coal in this state. A valid permit issued by the Oklahoma Department of Mines must be held. The credit provided in this paragraph will not be allowed for coal mined, produced or extracted in any month in which the average price of coal is $68 or more per ton, excluding freight charges. Credits earned prior to January 1, 2014 are transferable, and may be claimed up to 5 years. For credits earned on or after January 1, 2014, any credit earned but not used shall be refunded at an amount equal to 85% of the amount of the credit.
Oklahoma Tax Commission

Ethanol Fuel Retailer Tax Credit

Estimated Incentive Cost

$1,264,143

Program Type

Tax credit

Citation

68 O.S. sec. 500.10-1

Industry

Biofuel

Sunset

None Found

Review Year

2
Retailers of ethanol-blended fuel may claim a motor fuel tax credit of $.016 for each gallon of ethanol fuel sold in Oklahoma if the retailer provides a price reduction to the purchaser of the ethanol fuel in the same amount. This incentive is effective unless the federal government mandates the use of reformulated fuel in an area within the state of Oklahoma that is in non-attainment with the National Ambient Air Quality Standards.
Oklahoma Tax Commission

Economically At-risk Lease2 (Gross Production)

Estimated Incentive Cost

$1,838,997

Program Type

Rebate

Citation

68 O.S. sec. 1001 3A

Industry

Energy

Sunset

12/31/20

Review Year

2
Provides for a rebate of gross production tax for oil and gas produced in each Calendar year wherein the net proceeds derived from the sale of oil and natural gas are less than the gross production paid for the same year after deducting certain costs.
Oklahoma Tax Commission

Reestablished Production Rebate (Gross Production)

Estimated Incentive Cost

$255,324

Program Type

Rebate

Citation

68 O.S. sec. 1001 F

Industry

Energy

Sunset

6/30/20

Review Year

2
Provides for a 28 month rebate of gross production tax for wells brought back to production after being non-producing for 1 year.
Oklahoma Tax Commission

Oklahoma Capital Gain Deduction

Estimated Incentive Cost

$114,835,000

Program Type

Deduction

Citation

68 O.S. sec. 2358

Industry

None

Review Year

2
Oklahoma Department of Commerce

Quality Jobs Program

Estimated Incentive Cost

$73,183,283

Program Type

Rebate

Citation

68 O.S. sec. 3601

Industry

Various

Sunset

None Found

Review Year

2
An incentive for companies to expand or relocated jobs to Oklahoma by providing a rebate of a portion of newly created payroll in the state. Companies may receive benefits during the first 3 years of participation while working to achieve the required payroll threshold for full qualification.

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