Oklahoma Local Development and Enterprise Zone Incentive Leverage Act (Oklahoma)
Last modified on February 12, 2015.
|Applies to States or Provinces||Oklahoma|
|Name||Oklahoma Local Development and Enterprise Zone Incentive Leverage Act (Oklahoma)|
|Policy Category||Financial Incentive|
|Policy Type||Enterprise Zone|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wind energy|
The Oklahoma Local Development and Enterprise Zone Incentive Leverage Act provides funding for local units of government to match local tax revenue dedicated to support a project located in an enterprise zone. No more than 10% of the net leasable space may be used for retail purposes and no state local government matching payment shall be made for project costs. Certification that all projects described within the related project plan will generate, in the aggregate, a minimum of either $1 million in payrolls, exclusive of payroll for construction, or $5 million in investment.
Enterprise Zones can be designated in disadvantaged counties, cities or portions of cities. The Oklahoma Department of Commerce designates enterprise zones and publishes lists of eligible counties, cities and census tracts. Businesses located in an Enterprise Zone are eligible to receive double the Investment/New Jobs Tax Credit. Additionally, companies obtaining ad valorem exemptions from local taxing entities could be exempted for up to six years, rather than five.
|Contact Name||Lesli Walsh|
|Address||Oklahoma City Office|
|Address 2||900 N Stiles Ave.|
|Place||Oklahoma City, Oklahoma|
Authorities (Please contact the if there are any file problems.)
|Authority 1:||62 O.S. § 840 et seq.|