Oklahoma
State Senate
Communications Division
State Capitol
Oklahoma City, OK 73105
405-521-5774
For Immediate Release: May 15, 2009
Sen. Mike Mazzei
Senate Gives Final Approval to Job
Incentives Legislation
A bill to offer enhanced incentives for job creation
in Oklahoma is on its way to the House of Representatives for
a final vote. That’s after the State Senate voted unanimously
to approve Senate Bill 909 on Thursday. Sen. Mike
Mazzei is the principal author of the measure.
“Following the oil bust in the 1980’s, Oklahoma began
looking for innovative ways to diversify and grow our economy.
One important component of achieving that goal was the passage
of the Quality Jobs Act,”
Mazzei said. “Since 1993 this program has created about
400,000 new jobs in Oklahoma, and other states have since emulated
this successful incentive tool. Some have even gone a step farther
by coupling it with additional tax credits. Senate Bill 909 ensures
we will remain competitive with those states.”
Under current law, employers can qualify for Quality Jobs tax
rebates if they create new jobs with a minimum payroll of $2.5
million. Employers also have the option of applying for tax credits
if they invest $40 million in the state.
“Under current law, employers must choose one program or
the other, but in about eight other states, they can take advantage
of both at the same time,” said Mazzei, R-Tulsa. “My
legislation levels the playing field by allowing existing and
new businesses in our state to take advantage of both the rebates
and credits as well, as long as they meet the criteria for payroll
and job creation.”
Mazzei, who chairs the Senate Finance Committee, said he expected
the House to move quickly to give final approval to the legislation
and send it on to Gov. Brad Henry for his approval.
For more information contact:
Sen. Mazzei's Office - 405-521-5675
