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Inola Area Chamber of Commerce

P.O. Box 1207, Inola, OK 74036

(918) 543-2900

Business Incentives

for Inola, Oklahoma

 

2019 - INOLA AREA CHAMBER OF COMMERCE was asked to partner with the Inola Rural Economic Development (REDI) committee. Together we are working in developing a strong economic base for the Inola Area. The Chamber has officers involved and present at the meetings with REDI and REDI has members involved with the Inola Area Chamber of Commerce.

"Inola is OPEN for Business"

America’s Most Comprehensive Incentive Program

Oklahoma is globally recognized for its outstanding incentive program and pro-business environment. Businesses can choose between a cash incentive or a tax credit package, and in some cases, qualifying businesses can take advantage of both programs. Click HERE for full details.

 

For more information contact the Oklahoma Quality Jobs Program Manager at 1-800-879-6552 or 1-405-815-5238
Oklahoma Department of Commerce

 

OKLAHOMA QUALITY JOBS PROGRAM
The Oklahoma Quality Jobs program provides quarterly cash payments to a qualifying company of a percentage, not to exceed 5%, of newly created gross taxable payroll. Under the Oklahoma Quality Jobs Program, special provisions are made for certain small employers in rural counties or other specially designated locations.

 

FORMER NATIVE AMERICAN LANDS
Under the Taxpayer Relief Act of 1997, businesses operating on Oklahoma lands formerly owned by Native American Tribes may qualify for accelerated depreciation of property and federal tax credits for employment of qualifying tribal members and spouses. Determination of qualifications is made by the U.S. Internal Revenue Service. This county was formerly owned by Native American Tribes.

 

FOREIGN TRADE ZONE: TULSA INTERNATIONAL AIRPORT
Businesses engaged in international trade within these zones benefit from special customs procedures when exporting and when warehousing, manufacturing, or assembling with imported goods in Foreign Trade Zones. Some single purpose operations may qualify as subzones.

 

FOREIGN TRADE: ZONE TULSA PORT OF CATOOSA
Businesses engaged in international trade within these zones benefit from special customs procedures when exporting and when warehousing, manufacturing, or assembling with imported goods in Foreign Trade Zones. Some single purpose operations may qualify as subzones.

 

OKLAHOMA ENTERPRISE ZONE, PORTIONS
Additional incentives may be available to firms locating within Enterprise Zones. Enterprise Zones include certain designated counties, cities, or portions thereof and are based on the relative economic health of the area and other factors. Portions of this county or communities within the county have been designated.

 

Investment/New Jobs Tax Credit Package

This incentive, primarily targeted at manufacturing companies, allows a five-year tax credit on the greater of 1 percent per year of investment in qualified new depreciable property, or a credit of $500 per new job. These incentives double to 2 percent of the new investment, or $1,000 per new job, if the investment is greater than $40 million or in an enterprise zone.

 

Quality Jobs + Investment Tax Credits

These incentives target manufacturing industries that have a large capital investment of at least $40 million in addition to creating new jobs that pay more than the state’s average wage. The incentives also allow a five-year tax credit on the greater of 2 percent per year of investment in qualified new depreciable property, or a credit of $1,000 per year per new job.

 

21st Century Quality Jobs

The 21st Century Quality Jobs Program is an incentive that targets and promotes indisputably high-wage jobs and enables Oklahoma to diversify its economy by developing clusters around knowledge-based service industries.

 

Small Employer Quality Jobs

The Small Employer Quality Jobs Program provides quarterly incentive payments to a qualifying small employer (90 employees or less). Quarterly payments may be as much as 5% of new taxable payroll for up to 7 years. Qualifying payroll must be attributable to annual salaries that are at least 110% of the average wage of the county in which the jobs are located. Qualifying companies must also attain 75% out of state sales.​

 

Sales Tax Refunds

This incentive is available on construction materials for certain manufacturers and aircraft maintenance repair facilities, on purchases of computers, data-processing equipment and telecommunication equipment for certain aircraft facilities, and for purchases of computer services and data-processing equipment for qualified computer services or research and development companies.

 

Customized Employee Training

Oklahoma’s Training for Industry Program (TIP), a CareerTech initiative consistently ranked as one of the nation’s leading workforce training efforts, is a no-cost/low-cost way for new or growing companies that create jobs to get a skilled, focused and motivated workforce. Customized to meet your needs for training, assessment, supplies, instructional materials and more.

 

Five-Year Ad Valorem Tax Exemption

This incentive is available for manufacturing, research and development, warehouse and distribution, certain computer/data processing services, wind power, refineries, and aircraft repair.

 

Aerospace Industry Engineer Workforce Tax Credit

Aerospace companies hiring engineers in a variety of fields will receive a tax credit equal to 5 percent of the compensation paid to an engineer until December 31, 2016, or 10 percent if the engineer graduated from an Oklahoma college or university (up to $12,500 per employee per year), plus another credit of up to 50 percent of the tuition reimbursed to an employee until December 31, 2016. Additionally, the engineer hired receives a tax credit of $5,000 per year until December 31, 2016.

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