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This provides extra incentives for business. Double the investment/new
jobs tax credit is allowed for businesses located in an Enterprise Zone. If
the enterprise selects to claim the credit based upon the qualified cost of
depreciable property, the credit amount shall be two percent (2%) of such
qualified cost. If the enterprise selects to claim the credit based upon the
number f new full-time-equilvalent positions, the credit amount shall be
One Thousand Dollars ($1,000) for each new full-time-equivalent employee.
Census tract 6002 is a designated Enterprise Zone.
NEW MARKET TAX CREDITS:
Eligible investors in a business enterprise located in underserved,
low-income, rural or urban communities may qualify for Federal income tax
credits at a rate of five percent of investment for the first three years of the
credit and six percent for the last four years for a total of 39% of investment
over a seven year credit period.
Census Tracts 6002 & 6003 are qualified for New Market Tax Credits.
The HUB-ZONE EMPOWERMENT CONTRACTING PROGRAM:
This provides for Federal contracting preferences for qualified small business
concerns located in distresses areas designated as HUB-Zones by the SBA.
Census Tract 6002 in Guthrie is a designated HUB-ZONE.
TRAINING FOR INDUSTRY PROGRAM:
This is delivered through Oklahoma's CareerTech System at no cost to
QUALITY JOBS PROGRAM:
This is an incentive program providing quarterly cash payments of up to 5%
of the newly created gross taxable payroll to a qualifying company. Payments
are made quarterly for claims for three years and if thresholds are achieved,
they may extend for an additional seven years. A qualified company must
achieve a $2.5 million annualized payroll for the new full-time employees for
any four consecutive quarters during its first 13 quarters in the program.
If this payroll amount is not achieved, payments cease. The payments received
do not have to be paid back. The business must offer basic health insurance
coverage to all employees whose pay is included in the new payroll figures.
SMALL EMPLOYER QUALITY JOBS PROGRAM:
This provides cash payments to a qualified company. The payments may
reach as much as 5% of the newly taxable payroll and last for up to seven
years. Qualifying payroll must be attributable to annual salaries that are at
least 110% to 125% of the average wage of the county in which the jobs
are located. Basic health insurance must be offered to new employees
within 12 months and the employer must pay at least 50% of the cost.
AD VALOREM TAX EXEMPTION:
Certain new expanding manufacturers, R&D companies, computer services
& data processing companies with significant out of state sales, aircraft
repair companies, and certain distribution companies may be eligible for
ad valorem tax exemptions for up to five years. Threshold requirements
are an investment of at least $250,000 and an addition of $250,000 in
annual payroll in counties with a population of 75,000 or less.
INVESTMENT / NEW JOBS INCOME TAX CREDIT:
Manufacturers who hold a manufacturer's sales tax exemption permit may
choose this income tax credit based on either an investment in depreciable
property or on the addition of full-time equivalent employees engaged in
manufacturing, processing or aircraft maintenance . Participation in this
benefit prohibits a manufacturer from participating in the Quality Jobs
Maximum credit in the first five years equals up to 5% of the investment,
or $2,500 per new employee. Credit doubles for qualifies investments in
an Enterprise Zone. Credits may reach as high as 10% of new
investment, or $5,000 per new employee.
SBA GUARANTEE FEE TAX CREDIT:
Every small business in Oklahoma may claim a credit against income tax
liability resulting from the conduct of the small business. The credit shall
be for the amount of fee paid to obtain financing from the SBA, and may
be carried forward for up to 5 years.
FOREIGN TRADE ZONES:
Guthrie / Edmond Regional Airport is designated a general purpose
Foreign Trade Zone. Businesses located in Foreign Trade Zones may
benefit from duty free status on previously imported material which is
re-exported. An additional benefit can be duty-deferral until merchandise
is shipped from the zone into customs territory. Merchandise may be held
in a FTZ indefinitely.
COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM (CDBG)
CDBG resources are used for the development of publicly-owned
infrastructure that is directly related to a business location or expansion.
Municipalities or counties may apply for these funds to facilitate the
creation of jobs for low to moderate income groups. The CDBG grant/loan
program is designed to create and retain permanent, private sector job
opportunities while increasing the tax base in the region. Projects financed
through CDBG must create one job for each $10,000 requested.
Projects may be funded up to a maximum of $500,000 through a loan/grant
combination. The first $100,000 may be in the form of a grant and the
remaining amount, up to $400,000 in the form of a loan.
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