The incentive provides a deduction from taxable income for gains from the sale of qualified Oklahoma-based property. Qualified gains include the sale of real and tangible personal property based in Oklahoma and stock or ownership interest in a business entity with a primary headquarters in Oklahoma.

The incentive is a tax credit for investments in qualified clean-burning fuel and electric vehicle property. Eligible purchases include certain vehicles, commercial fueling property and residential fueling property.

The incentive provides insurance companies that establish or expand a home or regional home office in Oklahoma a tax credit against insurance premium tax liability, which varies depending on the company’s employment in Oklahoma. To claim the credit, foreign insurers must have at least 200 employees in the State, while domestic insurers must have at least 400 employees. The value of the credit ranges from 15 to 50 percent of insurance premium tax liability depending on the insurance company’s status as foreign or domestic and its level of Oklahoma employment.

The program provides qualifying companies with 500 or fewer employees quarterly rebate payments of up to five percent of newly created payroll, for up to seven years. To qualify for payments, participants must meet requirements related to job creation and wages.