AP NEWS
Related topics

Commission recommends overhaul of Oklahoma jobs tax credit

December 24, 2018

OKLAHOMA CITY (AP) — A state panel that reviews the performance of Oklahoma’s economic tax incentives says three should be repealed and another with $557 million in liabilities should be overhauled.

Tulsa radio station KWGS reports this month that the Incentive Evaluation Commission recommended lawmakers amend the Investment/New Jobs credit, which offers certain businesses 5 percent of capital investments of at least $40 million or $2,500 per new employee over five years.

Among other things, the commission recommended reducing the credit amount placing a 7-year cap on carrying the credit forward. The state has temporarily capped payouts for the credit to $25 million per year.

The commission also recommended repealing the Quality Jobs Investment Program, the New Products Development Income Tax Exemption and the Energy Efficient Residential Construction Tax Credit.

AP RADIO
Update hourly