Pro-business measures in Oklahoma include comparatively low property tax rates, limits on annual increases in property tax rates, and requirements that tax increases be submitted to a vote of the people or pass the legislature with a 75% vote.
Business incentives include wage rebates of up to 5% for 10 years for qualifying basic firms that add at least $2.5 million of new payroll in the state over a three-year period. This incentive, known as the Oklahoma Quality Jobs Program, was adopted in July 1993. Since that time, more than 130 firms have received in excess of $35 million in incentive payments while adding more than 26,000 jobs to the Oklahoma economy. More than 55,000 jobs were planned to be added by the year 2005.
Other incentives include a job tax credit of $1,000 per year for five years for new manufacturing jobs in state enterprise zones; a 30% investment tax credit for investment in qualifying agricultural processing ventures or cooperatives; and free customized training for qualifying firms from the Oklahoma Department of Vocational and Technical Education through its Training in Industry Program (TIP). In 2002, the state put emphasis on the Oklahoma Main Street Program, a statewide downtown revitalization program providing training, resources, and technical assistance to 36 targeted Main Street communities. The Oklahoma Main Street Program was first created in late 1985. From 1986 to 2002, 44 communities received technical assistance and training through the program.