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Schedule

Oklahoma Tax Commission

New Products Development Income Tax Exemption

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.
Oklahoma Tax Commission

Technology Transfer Income Tax Exemption

Estimated Incentive Cost

N/A

Program Type

Tax exemption

Citation

68 O.S. sec. 2358 [C]

Industry

Technologies, intellectual property

Sunset

None Found

Review Year

3
The taxable income is decreased for transfers of technology to qualified small businesses located in Oklahoma. The corporation transferring the technology is allowed an exemption from taxable income in the amount of the royalty payment received as result of such transfer, provided that the exempted amount shall not exceed 10% of the amount of gross proceeds received by such corporation as a result of the technology transfer. The benefit lasts for 10 years from the date of the receipt of the first royalty payment accruing such transfer.
Oklahoma Tax Commission

Investment/New Jobs Tax Credits

Estimated Incentive Cost

$56,744,407

Program Type

Tax credit

Citation

68 O.S. sec.2357.4

Industry

Various

Sunset

None Found

Review Year

3
An income tax credit is allowed for either an investment in depreciable property used in a manufacturing or processing facility or for a net increase in average levels of employment in said facilities. Any credit allowed but not used may be carried over in order to each of the 4 years following the year of qualification and, to the extent not used in those years, in order to each of the 15 years following the initial 5 year period.
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.
OCAST

Oklahoma Health Research

Estimated Incentive Cost

$3,000,000

Program Type

Grant/Reimbursable

Citation

74 O.S., Sections 5046 - 5055

Industry

N/A

Review Year

3
The purpose of the program is to help recruit and retain well-qualified health research scientists for the State, improve the competitiveness of Oklahoma-based investigators for national research funds, improve health care for the citizens of Oklahoma, and strengthen the State's health care industry. Research funded under this program investigates the causes, diagnosis, treatment and prevention of human diseases and disabilities and facilitates the development of health care products and services.
OCAST

Oklahoma Applied Research

Estimated Incentive Cost

$2,750,000

Program Type

Grant/Reimbursable

Citation

74 O.S., Section 5060.2 74 O.S., Section 5060.19 74 O.S., Section 5060.4

Industry

N/A

Review Year

3
The purpose of the OARS program shall be two-fold. First, it shall assist in the accelerated development of technology in the state by supporting applied research activities in existing and emerging technical areas in which the results have (1) a high probability of leading to commercially successful products, processes or services within a reasonable period of time and (2) a significant potential for stimulating economic growth within the state of Oklahoma. Secondly, the program shall encourage and sustain partnerships among institutions of higher education, non-profit research organizations and private enterprises by encouraging collaborative projects which are designed to promote increased knowledge and technology transfer.
OCAST/i2E

Oklahoma Seed Capital Fund

Estimated Incentive Cost

3,500,000

Program Type

Equity investment

Citation

74 O.S. sec.5060.21

Industry

Technology Start-Up Companies

Sunset

none

Review Year

4
OCAST seeks to provide funding to innovative Oklahoma companies. Required co-investment with the private sector leverages the agency's investment. The Seed Capital fund includes a concept component intended to address the needs of companies requiring smaller seed capital investment for earlier-stage projects.
Oklahoma Department of Commerce

Economic Development Pooled Finance

Estimated Incentive Cost

$12,442,284

Program Type

Other

Citation

62 O.S. sec. 891.1

Industry

Multiple

Sunset

None Found

Review Year

4
The Oklahoma Community Economic Development Pooled Finance incentive targets business expansion projects which include job creation and significant investment in facilities, machinery, and equipment. With a $200 million capacity, this incentive is comprised of two funding options: Company-Purchased Debt option and Public Finance Debt option.
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

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.

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