The Oklahoma Quality Jobs
Program was expanded by HB
467. Created in
1993, the program has provided incentive payments to firms
that create jobs in Oklahoma.
- Under HB
definition of "new direct job" for purposes of qualifying
for payments may include employees leased or otherwise
provided to a qualified establishment, provided the job
did not exist in Oklahoma prior to the establishment's
467 adds grocery
wholesale distribution facilities and insurance claims
processors to the list of basic industries eligible for
1254 is designed to
promote the availability of Small Business Administration
(SBA) loans to new and expanding businesses. The bill gives
financial institutions a tax credit equal to the amount they
pay for Small Business Administration guaranty fees.
1230 provides a
three-year extension of income tax credits for the use of
Oklahoma coal. The credit's expiration date was delayed from
December 31, 1999, to December 31, 2002.
467 expands an ad
valorem tax exemption program for distribution facilities.
The bill changes from October 1, 1993, to December 31, 1999
the date by which construction must start for distribution
facilities to qualify for the five-year manufacturer's ad
valorem tax exemption.
1770 changes the
qualifications for the five-year manufacturing ad valorem
exemption. Previously, companies were required to create 15
jobs in order to qualify. Under new requirements, companies
- create a net increase of
$200,000 or more in payroll, or
- create $500,000 or more
in capital improvements while maintaining or increasing
573 provides sales
and use tax exemptions for leases of rail transportation
cars to haul coal to coal-fired electric generating
Several bills passed by the
Legislature are intended to boost Oklahoma's aviation
398 changes the
tax structure for aircraft worth $5 million or more. The
existing excise tax exemption is replaced with a new
excise tax credit. The annual credit will be tied to
expenditures the owner makes for the benefit of airports
located in this state.
sales of certain aircraft repairs and replacements from
sales tax if the work is performed at a new or expanded
aircraft repair facility.
523 provides an
income tax or insurance premium tax credit for investors
in certain airlines headquartered in Oklahoma that have
secured commitments to provide nonstop air transportation
from Oklahoma to the east coast or west coast.
1468 provides a
documentary stamp tax exemption for transfers between
persons and certain revocable trusts and family-owned
corporations, partnerships or other entities.
Through the Oklahoma
Department of Commerce, funds were appropriated for the
- Oklahoma Home-based
- Senior citizen centers
and nutrition sites;
- Public transportation in
rural areas; and
- Business development