New Tax Credit Available to Rural Oklahoma Businesses through Oklahoma Rural Jobs Act

During the 2022 legislative session, the Oklahoma Legislature handed and Governor Stitt signed the creation of the Oklahoma Rural Jobs Act. The Oklahoma Rural Jobs Act promotes larger entry to capital for qualifying small companies situated in rural areas of the state. Through this system, rural funds, their associates or buyers might earn a tax credit score on the fairness quantity that they put money into a rural fund, which should then deploy as capital expenditures to present financing for small companies in rural Oklahoma. 

“With the Oklahoma Rural Jobs Program, we look forward to the expansion of financing opportunities for qualifying businesses in rural Oklahoma,” mentioned Brent Kisling, Executive Director, Oklahoma Department of Commerce. “This improved access to capital is expected to provide financial flexibility for Oklahoma’s businesses to invest in equipment, purchase supplies or hire employees when they have the opportunity to expand.” 

The Oklahoma Department of Commerce will start accepting functions on December 1, 2022, for the primary spherical of the Rural Jobs Act. The software interval will stay open till all the certifiable capital investments have been allotted. It will probably be a six-year program. The tax credit are solely out there in years 3-6 after the capital allocation date.     

“I look forward to the opportunities that will come to rural Oklahoma through the implementation of HB4085, the Rural Jobs Act” mentioned Oklahoma Senator Brent Howard. “I believe that these targeted tax credits, available when Oklahomans create new or expand investments in workforce in our most rural areas, will bring capital to entrepreneurs that otherwise would not have been available. The legislature looks forward to seeing expanded investment and job growth across our state under this Act.” 

“When we strengthen rural Oklahoma, we strengthen our whole state,” mentioned Oklahoma Representative Kevin Wallace. “Through the Oklahoma Rural Jobs Act, small businesses will now have increased opportunity to invest and expand, creating more jobs for Oklahomans and further improving our economy. I was proud to work on this bill and look forward to seeing its impact on Oklahoma.” 

For extra information on the Oklahoma Rural Jobs Act out there through the Oklahoma Department of Commerce, go to https://www.okcommerce.gov/doing-business/business-relocation-expansion/incentives/rural-jobs-act/