Taxes & Incentives - Joplin Regional Partnership | Business Facilities Location Spotlight
Joplin Regional Partnership - Capable

Taxes & Incentives

All three states work hard to keep the tax burden low and are among the most competitive in U.S.  For more information:

KANSAS

The PROMOTING EMPLOYMENT ACROSS KANSAS (PEAK) program offers qualified companies the ability to retain 95 percent of their payroll withholding tax for up to five to seven years. PEAK is available to new operations in Kansas as well as relocated operations to the state. In 2013, it will be available for qualifying business retention projects as well. Companies need to create at least 10 new jobs within two years in metropolitan areas or five new jobs within two years in all other counties of the state. High-impact projects that create 100 new jobs within two years can retain 95 percent of payroll withholding tax for up to seven to 10 years. The number of years that the withholding tax can be retained depends on how much the annual median or average wage of the jobs at the Kansas worksite will exceed the current county median wage and the discretion of the Secretary of the Kansas Department of Commerce.

The HIGH PERFORMANCE INCENTIVE PROGRAM (HPIP) provides a 10 percent corporate income tax credit on the qualified capital investment of an eligible company. Qualified capital investment can include such items as the purchase or lease of a facility or equipment, remodeling or build-out costs, fixtures, furniture and computers. Equipment transferred to Kansas from out-of-state is also credited at the original acquisition cost. The 10 percent tax credit is awarded to companies that operate an eligible business, pay above-average wages and invest in employee training. The credits can be used to significantly reduce a company’s corporate income tax liability in a given year. Credits must be used within a consecutive 16 year period. The minimum investment threshold to qualify for HPIP is $1.0M for urban counties of Douglas, Johnson, Sedgwick, Shawnee and Wyandotte. For all other counties, the minimum investment threshold is $50,000.

MACHINERY & EQUIPMENT EXPENSING DEDUCTION: Effective January 1, 2012, Kansas taxpayers will be allowed to claim an expense deduction for business machinery and equipment, placed in service in Kansas during the tax year. The one-time deduction is allowed for each qualified purchase of machinery and equipment in the year that it is placed in service. The expensing deduction is representative of the difference between the cost of the item and the present value of the stream of depreciation deductions allowed under normal federal depreciation rules. Any unused expense deduction may be carried forward until fully claimed in future years. If the property is relocated outside Kansas or disposed of before the end of its federal depreciable life, the amount of the tax liability relieved by the deduction may be subject to repayment.

MACHINERY & EQUIPMENT PROPERTY TAX EXEMPTION: Commercial and industrial machinery and equipment acquired by qualified purchase or lease or transferred into the state is exempt from state and local property tax. The exemption pertains to machinery and equipment used in the expansion of an existing facility or the establishment of a new facility. The exemption covers machinery and equipment used in manufacturing or warehousing/distribution, commercial equipment, computers, desks and chairs, copiers and fax machines.

PROPERTY TAX ABATEMENT: Cities or counties may exempt real property from ad valorem taxation. The tax abatement can include all or any portion of the appraised buildings, land and improvements. A total or partial tax abatement may be in effect for up to 10 years after the calendar year in which the business commences its operations. Any property tax abatement is the decision of the city or county.

The RURAL OPPORTUNITY ZONES PROGRAM (ROZ) is designed to reverse dramatic population declines over the past decade in rural areas of Kansas. The program is to spur economic development in and expand job growth in 50 counties around the state. The program has two main incentives:

  • A state income tax exemption for up to five years to individuals who move to a ROZs county from outside the state. Individuals must not have lived in Kansas for the past five years, nor have Kansas source income of more than $10,000 per year over the past five years.
  • Student loan forgiveness of up to $3,000 per year ($15,000 maximum benefit) for individuals who graduate from an accredited post-secondary institution and move to a ROZs county. The student loan forgiveness portion of the program is a county-state partnership, and counties must opt in to participate.

WIND AND SOLAR BOND FINANCING: This allows for up to $5 million in bond financing per project for eligible wind and solar energy manufacturers. The bonds are paid off from the payroll withholding tax of the new jobs. To qualify, a project must create at least 200 new jobs within five years, pay at least a $32,500 average salary and generate a minimum capital investment of $30 million.

KANSAS ECONOMIC OPPORTUNITY INITIATIVES FUND: The Department of Commerce can provide a zero-percent interest forgivable loan to qualified companies. This loan can offset costs associated with the establishment of a new facility or the expansion of an existing facility. Eligible costs include site improvements, construction, build-out and purchases and relocation of machinery and equipment. The loan is forgiven in 20 percent annual increments over a five-year period based on meeting the job and payroll targets. Approval of funding for this program is based on the number of new jobs created, the level of wages paid to the new employees and the economic impact of the project.

INDUSTRIAL REVENUE BONDS (IRBs): A method of financing up to 100 percent of a growing business’ land, building and equipment. They are securities issued by cities and counties to provide funds for creditworthy companies to acquire land, construct and equip new facilities or remodel and expand existing facilities. IRBs allow fixed-rate financing for the life of the bond for the project.

COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG): Eligible small city and county governments may apply for funds to make water, sewer, rail spur, roadway or other infrastructure improvements designed to assist companies in creating jobs. These funds may also be used by a business to acquire land or buildings, construct or renovate facilities, purchase machinery and equipment or for working capital. Companies can apply for up to $35,000 per job created with a maximum limit of $750,000. At least 51 percent of the jobs created with CDBG funding must be held by individuals who, at the time of hire, meet the low to moderate income guidelines for the county location. Infrastructure funding requires that half of the funding be paid back over a 10-year period at a rate of 2 percent. Financing for working capital, equipment and real property carries a fixed rate equal to four percent or 3 percent below prime, whichever is greater, set on the award date. The term of the loan depends on the type of assets being financed: working capital up to five years, equipment up to 10 years and real property up to 15 years.

PARTNERSHIP FUND: Low-interest state funds are provided to cities and counties for infrastructure improvements that support Kansas’ basic enterprises such as manufacturing and distribution. Eligible projects may include construction, rehabilitation or expansion of public facilities, including roads, streets, highways, water supply and treatment facilities, water distribution lines, wastewater collection lines and related improvements.

KANSAS BIOSCIENCE AUTHORITY (KBA): Commerce works in partnership with the Kansas Bioscience Authority to assist in the expansion and recruitment of bioscience companies. The KBA has direct financing programs and other resources that can be used to recruit new bioscience companies and world-class scholars, fund equipment and lab space for research and facilitate the commercialization of bioscience discoveries.

WORKFORCE DEVELOPMENT PROGRAMS: The Department of Commerce has two programs to offset a company’s training costs. Companies creating new jobs may qualify for KANSAS INDUSTRIAL TRAINING (KIT) assistance. Eligibility for either program depends on the number of jobs created and the corresponding wages. There is also the KANSAS INDUSTRIAL RETRAINING (KIR) PROGRAM to retrain a Kansas company’s existing workforce on new technology or production activities. Projects involving a Kansas Basic Industry—which includes manufacturing, distribution or regional/national service facilities—may qualify for these programs. Both programs offer direct financial assistance to pay a negotiated portion of the costs to train a company’s employees. Companies may apply the assistance toward items such as instructors’ salaries; meals, travel and lodging (including out-of-state or international travel); video development; textbooks and training manuals; supplies and materials; temporary training facilities and curriculum planning and development.

SALES TAX EXEMPTIONS: Those available include:

  • Labor services related to original construction
  • Remodeling costs, furnishings, furniture, machinery and equipment for qualified projects
  • New machinery and equipment for manufacturing and distribution. This also includes pre- and post-production machinery and equipment, including raw material handling, waste storage, water purification and oil cleaning, as well as ancillary property such as gas pipes, electrical wiring and pollution control equipment
  • Tangible personal property that becomes an ingredient or component part of a finished product
  • Tangible personal property that is immediately consumed in the production process, including electric power, natural gas and water
  • Incoming and outgoing interstate telephone or transmission services (WATTS)
  • Real and personal property financed with an Industrial Revenue Bond (IRB)

INVENTORY TAX EXEMPTION: All merchant and manufacturers’ inventories are exempt from property taxes.

RESEARCH TAX CREDIT: An income tax credit equal to 6.5 percent of a company’s investment in research and development above an expenditure of the previous three-year period. 25 percent of the allowable annual credit may be claimed in any one year.

KANSAS RETAIL DEALERS INCENTIVE FUND: Created for the payment of incentives to Kansas retail dealers who sell and dispense renewable fuels or biodiesel through a motor fuel pump. This incentive is currently not funded for fiscal years 2011 and 2012, pursuant to the 2010 Senate Bill 527. The provisions of the Kansas Retail Dealers Incentive Fund shall expire on January 1, 2026.

EFFICIENCY KANSAS: A low-cost loan program that helps make energy-efficiency improvements to small businesses. It connects businesses to qualified energy auditors who will pinpoint the uses (and loses) of energy and give a custom plan to make it more energy efficient. It also provides access to low-cost financing through participating lenders or utilities.

 

MISSOURI

LOAN GUARANTEE FEE TAX CREDIT PROGRAM: Provides state tax credits to an eligible small business—defined in Section 44 of the IRS code, must (in the prior tax year) have gross receipts of less than $1 million; or if more than $1 million, less than 30 full time employees—for the amount of a guarantee fee paid to either the U.S. Small Business Administration or the U.S. Department of Agriculture for a small business loan. There is no limit on the amount per business or total amount distributed annually.

ENHANCED ENTERPRISE ZONE: Provides state tax credits to new or expanding businesses in a Missouri Enhanced Enterprise Zone. Can be applied to Ch. 143 Income tax, excluding withholding tax and can only be applied to tax liability for the year in which they were earned. Tax credits will be based on the state economic benefit, supported by the number of new jobs, wages and new capital investment that the project will create. Tax credits issued under this program are limited to $24,000,000 annually.

2010 AUTOMOTOVE MANUFACTURING JOBS ACT: Allows qualified manufacturing facilities or suppliers that bring next-generation production lines to Missouri to retain withholding taxes typically remitted to the state.

ACTION FUND LOAN: Provides a loan to certain types of for-profit companies that need funds for start-up or expansion and have exhausted other sources. Projects can only be in a “non-entitlement” area—a city under 50,000 in population or a county under 200,000 in population.

BROWNFIELD REDEVELOPMENT PROGRAM: Provides financial incentives for the redevelopment of commercial/industrial sites that are contaminated with hazardous substances and have been abandoned or underutilized for at least three years.

COMMUNITY DEVELOPMENT BLOCK GRANT: Offers grants to small MO communities to improve local facilities, address critical health and safety concerns and develop a greater capacity for growth. Projects can range from housing and street repairs to industrial loans and job training.

NEW JOBS TRAINING PROGRAM: Provides assistance in reducing the cost associated with expanding a workforce or locating a new facility in the state of Missouri through training services—training customized to the specific needs of the industry and general occupational skill training. Businesses with a sound credit rating currently located in or locating to MO that are creating a substantial number of new jobs in Missouri by locating a new facility or expanding an existing workforce in the state.

JOB RETENTION TRAINING PROGRAM: Provides assistance in reducing the cost associated with retraining an existing workforce for the purpose of retaining jobs in the state of Missouri through training services—training designed for the specific needs of the industry and general occupational skill training. Businesses with a sound credit rating currently located in Missouri that have retained at that site the level of employment for at least one year, and a minimum of 100 employees for two consecutive calendar years preceding the year in which the application for the program was made. In addition, the business must make a capital investment of at least one million dollars to acquire long-term assets.

MISSOURI QUALITY JOBS PROGRAM: Facilitates the creation of quality jobs by targeted business projects. For-profit and non-profit businesses (except for gambling, retail trade, food and drinking places, public utilities, educational services, religious organizations, ethanol distillation or production facilities, biodiesel production facilities, and public administration companies or businesses that are delinquent in non-protested taxes or other payments or any company that has filed for or has publicly announced its intention to file for bankruptcy). Headquarters or administrative offices of otherwise excluded businesses that serve a multi-state area may qualify in some cases. The average wage of the new jobs must equal or exceed the county average wage (as published by DED), and the company must offer health insurance and pay at least 50 percent of the premium for all full time employees in MO. The business must create a minimum number of new jobs at the project facility prior to the “deadline” date, based on the type of project. There is no annual cap on the retained withholding taxes. Tax credits issued for the entire program shall not exceed $80 million per calendar year.

URBAN ENTERPRISE LOAN: The Missouri Department of Economic Development (DED) contracts for the administration of a micro-lending program to assist Missouri’s small business owners with the creation, expansion and retention of their business enterprise, located in the St. Louis and Kansas City urban areas. The loan amount cannot exceed 50 percent of the borrower’s total financial need. Loans range from a minimum of $10,000 to a maximum of $100,000 per business. Funds may be used to:

  • Start a new business
  • Purchase business equipment, inventory, working capital, acquisition of business assets or other expansion purposes of an existing small business
  • Provide an equity match for leveraging a commercial loan
  • Secure lines of credit or gap financing from a conventional commercial lender

GROW MISSOURI LOAN: Facilitates the funding of an expansion project that would be unlikely to occur without the Grow Missouri Loan in order to create or retain full-time jobs for targeted businesses. Principal and interest payments may be deferred for up to three years—four years for minority business enterprises (MBE) and woman business enterprises (WBE)—to aid in obtaining approval for the other project financing. After the initial deferral period, payments may be interest-only for up to three additional years. The maximum term of the loan is eight years. The collateral may be subordinated to the primary lender. An approved applicant will have 120 days after DED’s approval of the loan application to secure commitments of the other financing for the expansion project; therefore, there is no need to have the entire project financing secured when applying. Interest rates are two percent fixed rate per annum (MBE/WBE is 0 percent rate).

Generally, for-profit “primary” companies (that mostly sell/compete outside the local market area) are eligible. Applicants must demonstrate a reasonable ability to create at least one new or retained job for every $75,000 of Grow Missouri Loan funding within five years of approval. Such new or retained jobs must have average wages that are at least 80 percent of the county average wage, or 70 percent within Enhanced Enterprise Zones or MBE/WBEs. The applicant must offer to pay at least 50 percent health insurance for all Missouri employees.

The Grow Missouri Loan cannot exceed:

a)     10 percent of the total “leveraging sources of funds” (private loans and equity);
b)    $3 million per qualified company; or
c)     $75,000 per new and/or retained job, whichever of these would result in the lowest amount.

Applications for the available funding of $10 million will be received at any time until the funding is exhausted.

SMALL BUSINESS INCUBATOR TAX CREDIT: Generates private funds to be used to establish a “protective business environment” (incubator) in which a number of small businesses can collectively operate, fostering growth and development during a business’ start-up period. The overall maximum amount of tax credits that can be authorized under this program in any one calendar year is $500,000. This 50 percent tax credit can be applied to:

  • Ch. 143 – Income tax, excluding withholding tax
  • Ch. 147 – Corporate franchise tax
  • Ch. 148 – Bank Tax, Insurance Premium Tax, Other Financial Institution Tax

NEW MARKETS TAX CREDIT PROGRAM (NMTC): Provides state and federal tax credits to investors that make investments into approved funds, which will make investments in eligible projects located in low income census tracks in Missouri. This program does not provide tax credits directly to businesses. Eligible businesses interested in obtaining funding should contact the approved “Community Development Entities.”

BUILD: Provides a financial incentive for the location or expansion of large business projects. The incentives are designed to reduce necessary infrastructure and equipment expenses if a project can demonstrate a need for funding. An eligible industry in manufacturing, processing, assembly, R&D, agricultural processing or services in interstate commerce must invest a minimum of $15 million; or $10 million for an office industry (regional, national or international headquarters, telecommunications operations, computer operations, insurance companies or credit card billing and processing centers) in an economic development project; and create a minimum of 100 new jobs for eligible employees at the project or a minimum of 500 jobs if the project is an office industry or a minimum of 200 new jobs if the project is an office industry located within a distressed community as defined in Section 135.530, RSMo. Retail, health or professional services, intra-state relocations or replacement facilities are ineligible.

The minimum bond issue is $500,000. The bonds may be used to finance public or private infrastructure to support the project, or the new capital improvements of the business at the project location. Bond proceeds may not be used for working capital, inventory or other operating costs of the business or another entity. This tax credit can be applied to:

  • Ch. 143 – Income tax, excluding withholding tax
  • Ch. 148 – Bank Tax, Insurance Premium Tax, Other Financial Institution Tax

FILM PRODUCTION TAX CREDIT: State Tax Credits are issued to a qualified film production company for up to 35 percent of the amount expended in Missouri for production or production-related activities to facilitate film production in Missouri. Any film production company with an expected instate expenditure budget of at least $100,000 for films over 30 minutes in length and at least $50,000 for films under 30 minutes in length are eligible. The entire film production tax credit program is capped at $4.5 million.

INDUSTRIAL INFRASTRUCTURE GRANT: Assists local governments in the development of public infrastructure that allows industries to locate new facilities, expand existing facilities, prevent the closing of a facility or the relocation of a facility outside the state. Projects can only be in a “non-entitlement” area—a city under 50,000 in population or a county under 200,000 in population. More than one business must potentially benefit from the facilities to be funded. For-profit manufacturing, processing and assembly companies that will have wages above the county average and provide medical benefits are prioritized. Grant funds may be used for public streets, water or sewer lines, engineering and other public facilities necessary to support the project. A public entity must own the facilities to be funded.

 

OKLAHOMA

The QUALITY JOBS 10-YEAR CASH INCENTIVE provides cash payments of up to 5 percent of new payroll for up to 10 years. To qualify, the company must have an average county wage or $29,745, whichever is lower, achieve $2.5M annual payroll within 3 years, and offer basic health insurance. Target industries include: manufacturing, R&D including wind power manufacturing, corporate services, and data centers.

INVESTMENT/NEW JOBS TAX CREDIT PACKAGE: The program allows a company to choose between a tax credit based on investment or new employees. The 5-year tax credit applies to the greater of 1 percent per year of investment in new depreciable property of $500 per new employee and the credit doubles in Enterprise Zones and if the investment exceeds $40 million. Target industries include manufacturing and aircraft maintenance operations.

The 21ST CENTURY QUALITY JOBS 10-YEAR CASH BACK INCENTIVE requires at least 10 full-time jobs at an annual average wage of the lesser of $94,418 or 300 percent of the county’s average wage. It allows a net benefit rate of up to 10 percent of payroll for up to 10 years. To qualify, out-of-state sales must be at least 50 percent. Target industries include: knowledge-based service industries, including professional, scientific and technical services; music, film and performing arts; and specialty hospitals.

The PRIMEWIN PRIME CONTRACTOR INCENTIVE allows federal prime contractors to be paid for jobs and payroll created by both the prime contractor and a qualifying subcontractor. This incentive offers a cash rebate of up to 2 percent of the Oklahoma workforce loaded labor cost and cash incentives paid quarterly for up to 10 years. OSU-UML, as contract verifier, certifies the qualified labor hours performed under a qualifying federal contract.

The OKLAHOMA QUICK ACTION CLOSING FUND: Established in the 1st Session of the 53rd Oklahoma Legislature in House Bill 1953, it can be expended by the Governor for economic development and related infrastructure development to locate a high-impact business project or facility in Oklahoma or retain such a facility in the State. The business making an application must be engaged in a business activity that is eligible for Oklahoma Quality Jobs Program Act incentive payments (68 O.S. § 3603) or in a “basic industry” as set forth in the 21st Century Quality Jobs Incentive Act (68 O.S. § 3913).

STATE SMALL BUSINESS CREDIT INITIATIVE: The State of Oklahoma was awarded $13,168,350 by the U.S Treasury for the State Small Business Credit Initiative. The award will be used to make capital investment in new and expanding small businesses in Oklahoma. i2E will manage the funds on behalf of the State of Oklahoma. For more information please contact i2E at (405) 235- 2305 or www.i2e.org.

OKLAHOMA QUALITY EVENTS PROGRAM: If incremental sales taxes are greater in a community as the result of hosting a quality event, this incentive program allows the Oklahoma Tax Commission to make a payment of no more than $250,000 to the host community for eligible expenses resulting from hosting the Quality Event. “Quality Event” is a meeting of the members for a nationally recognized organization. Additionally, in order to be considered a quality event for the incentive, the site selection process must be a competitive process in which at least one site not located in Oklahoma was considered by the organization. Eligible expenses are those expenses that are:

  • Paid by the local government entity from the general revenue fund or a locally imposed tax.
  • Paid to either the certified sponsor of the Quality Event or paid to a for-profit or nonprofit entity through the certified sponsor.
  • Used for advertising, promoting, organizing or otherwise supporting the Quality Event.

If the host community meets the other statutory requirements, it is eligible to be reimbursed for the eligible expenses from incremental state sales tax revenue collected from a period of up to 2 days prior to and to 2 days after the last day of the Quality Event. Additionally, the state sales taxes that are captured for reimbursement must occur no more than 13 miles from the property lines of the primary property for the Quality Event.

OKLAHOMA COMMUNITY ECONOMIC DEVELOPMENT POOLED FINANCE: Creates a financing incentive that targets job creation and infrastructure development; and a foundation of ensuring Oklahoma’s infrastructure is high quality for attracting and retaining jobs. A $100 million Infrastructure Pool is created for public financing to local governments issued through the Oklahoma Development Finance Authority. The Infrastructure Pool revenue must be used for infrastructure development. Bonds issued from the Infrastructure Pool are financed or repaid from taxes voted on by local community. A $100 million Economic Development Pool is created for public finance to local 
governments in conjunction with a for-profit entity through ODFA.

The Economic Development Pool shall be used for economic development 
projects in the state. Debt issued from the Economic Development Pool may be paid from withholdings taxes, and other revenue, at the for‐profit entity benefitted by the 
financing. For debt obligations issued under this act, there is a maximum maturity of 25 years and a maximum coupon rate of 14 percent. 65 percent of the net proceeds from both the Infrastructure Pool and the Economic Development Pool shall be used by ODFA for municipalities that do not exceed 300,000 people. The remaining 35 percent may be used by the ODFA for any eligible local government. Effective September 1, 2010 an evergreen clause permits the renewal of issuing capacity by ODFA.

AD VALOREM TAX EXEMPTIONS: Certain new and expanding manufacturers, research and development companies, certain computer services and data processing companies with significant out-of state sales, aircraft repair companies, oil refineries, and certain windpower generators may be eligible for ad valorem tax exemptions for up to five years. SIC Industry Group Numbers 5112 and 5415 and NAICS Numbers 334611, and 519130 must have out-of-state sales of at least 50 percent. SIC Industry Group Number 5142 must have out-of-state sales of at least 80 percent. Computer data processing classified in SIC Industry Group 7374 and NAICS 514210 may also be eligible based on payroll or capital investment. 
Threshold requirements are an investment of at least $250,000 and an addition of $250,000 in annual payroll in counties with a population of 75,000 or less. If the company is located in a larger county, an additional annualized payroll of at least $1,000,000 is required. Firms must make an annual application to the County Assessor by March 15th of the year in which the exemption is requested.

ALTERNATIVE ENERGY SOURCES TAX CREDITS: Oklahoma encourages alternative, zero-emission fuel production by providing tax credits to producers of electricity utilizing such sources and to small wind turbine manufacturers. Tax credits accrue and may be claimed beginning January 1, 2011. Producers may receive 75 one-hundredths of one cent per kilowatt-hour. Credits may be earned for 10 years once production begins, and earned credits may be carried forward 10 years. Non-taxable electric producers may transfer the credits. Small wind turbine manufacturers may earn a credit of $25 per square foot of rotor swept area starting in 2003. The credits are freely transferable and may be carried forward 10 years.

FOREIGN TRADE ZONES: U.S. Customs Duty Management Program where manufacturers and distributors located in Foreign Trade Zones—since for Customs purposes, are considered to reside outside the U.S.—benefit from cost savings and flexibility. Businesses engaged in international trade within these Zones benefit from special customs procedures when importing and when warehousing, manufacturing or assembling with imported goods that remain in bond under Customs Control. Subzones may be established for single purpose manufacturing/fabricating and distribution operations. There are four Zones in Oklahoma: Port of Muskogee (FTZ #164) and the Tulsa Port of Catoosa (FTZ #53), which are both on the McClellan Kerr Arkansas River Navigation System, providing rail, barge and truck transportation services from Oklahoma to ports throughout the world; the Port Authority at Will Rogers World Airport of the Greater Oklahoma City Area (FTZ #106), Oklahoma City; and the International Business Park in Durant (FTZ #227).

OKLAHOMA FILM ACT: The Oklahoma Film Enhancement Rebate Act allows a rebate of up to 37 percent of qualified expenditures made in Oklahoma that are directly attributable to film, television production, television commercial and theater. Qualifying Expenditures for productions include the cost of construction and operations, photography, sound synchronization, wages and wardrobe, facilities and related services. The minimum budget for the project shall be $50,000 with a minimum of $25,000 spent in Oklahoma. In addition to the rebate, the State of Oklahoma offers a Point-of-Purchase sales tax exemption to qualifying productions on sales tax paid for property or services to be used in productions. The POP Sales Tax Exemption cannot be used in conjunction with the rebate, and there is no minimum budget or expenditure requirement.

SALES/INCOME TAX CREDIT FOR TOURISM ATTRACTION PROJECTS: The Oklahoma Tourism Development Act provides an incentive for qualified new or expanding tourism facilities and attractions. Approved companies are issued a credit against either income tax or sales tax liability that results from expenditures for projects that attract more tourists to Oklahoma. The credit is calculated based on a percentage of the attraction’s development costs. The company and the Director of the Department of Tourism and Recreation must enter into a tourism attraction development agreement with a 10-year term before any credits may be issued.

OKLAHOMA CAPITAL ACCESS PROGRAM: The Oklahoma Capital Investment Board (OCIB) manages this easy-to-use economic service program that encourages additional business lending activity. It provides a “credit insurance” reserve for Oklahoma banks through a fee matching arrangement for loans enrolled in the program. It gives banks additional resources to finance economic development and community reinvestment activities. For more information visit www.OCIB.org.