Oklahoma

Sectors it is courting

• Aerospace and Defense
• Agribusiness
• Energy
• Financial Services

Investment it is seeking from

• Australia
• Canada
• France
• Israel
• Italy
• Japan
• Mexico
• Netherlands
• South Korea
• United Kingdom

Site-selection services it offers

The Oklahoma Department of Commerce's team of professional economic development specialists has worked with hundreds of corporate selection teams and site location consultants on a diverse blend of projects. Your specialist will provide expert and confidential guidance to get your company up and running in Oklahoma.

Incentive programmes

• Tax Credit

  Investment/New Jobs Tax Credit - Investment/New Jobs Tax Credits provide growing manufacturers a significant tax credit based either on 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 Program unless the manufacturer makes a qualifying capital investment in excess of $40 million.

• Tax Exemption

  Ad Valorem Exemption - The ad valorem exemption may be claimed by a qualifying manufacturing company as defined by Section 6B of Article X of the Oklahoma Constitution. New, expanded or acquired manufacturing facilities (including facilities engaged in research and development) are exempt from the levy of any ad valorem taxes for a period of 5 years. Exempt Inventory - Oklahoma’s “Freeport Exemption” refers to the Oklahoma Constitutional provision contained in Oklahoma Constitution Article 10, Section 6A relating to goods, wares and merchandise held for assembly, storage, manufacturing, processing or fabricating purposes held in the state for not more than 9 months, which is exempt from ad valorem taxation. Manufacturers Sales Tax Exemption Oklahoma has a comprehensive sales tax exemption for manufacturers who obtain a Manufacturer’s Sales Tax Exemption Permit from the Oklahoma Tax Commission. The permit must be renewed every three years. This permit must be presented to the vendor, and a claim for exemption made at or before the time of purchase, to relieve the vendor of the liability for collecting sales tax. The exemption covers purchases of machinery and equipment, energy, and tangible personal property used in design, development, and manufacturing.

• Other

  The Oklahoma Quality Jobs Program - The Oklahoma Quality Jobs Program serves as an incentive for companies to expand or relocate jobs to Oklahoma by providing a rebate of a portion of newly created payroll in the state. The program induces the creation of well-paid full-time jobs and promotes economic development. Companies may receive benefits during the first three years of participation while working to achieve the required payroll threshold for full qualification. Benefits: Cash payments of up to 5% of new taxable payroll for up to 10 years. Requirements: Company must be in a qualifying industry as noted by NAICS description. Average wage of all newly created full-time jobs must be equal to the average county wage or the state threshold wage, whichever is lower. Company must achieve $2.5 million new annual taxable payroll within 3 years. Must offer basic health insurance to employees within 180 days of employment. Employee must not pay any more than 50% of the premium. May be combined with Investment/New Jobs Tax Credit under certain circumstances ($40 million or more in investment within 3 years). Up to 6% rebate if at least 10% of new payroll is comprised of qualified military veterans.

Additional services

Oklahoma’s Foreign Direct Investment (FDI) program provides prospective Oklahoma businesses the tools needed to locate and grow their business in Oklahoma. Including: International site location assistance, incentive analyses, cost of doing business benchmark reports, customized site visits, market entry strategy assistance, visa assistance, state and local partnerships, international supplier/partner identification, workforce recruitment and hiring, regulatory and permitting assistance, and foreign entrepreneur support.

Investor account, as submitted

“We are excited to enter into strategic agreements with our partners of choice in Oklahoma, which marks the beginning of a new chapter of our growth story,” Northern Data CEO Aroosh Thillainathan said in a statement. “The data centers are projected to be online within 24 months, and we see these innovative data centers as the cornerstone of our long-term strategy. “Our campus design is going beyond mining, extending to cloud services and even establishing a research lab dedicated to the discovery of future data processing applications. “In short, this new alliance promises to be mutually beneficial to both Northern Data and its strategic partners in Oklahoma for years to come.”

Submitted by the economic development organisation, not independently verified.

Who to contact

• Sarah Shortsarah.short@okcommerce.gov(405) 255-3248

900 North Stiles Avenue, Oklahoma City, OK 73104