Wind power and aviation are helping the Sooner State recover from the national fallout related to the Covid-19 pandemic. In the past year, Carter Wind Energy, North Star Scientific and United Dynamics have added hundreds of jobs here. In April, Governor Kevin Stitt announced the launch of the Oklahoma Innovation Expansion Program. It makes $10 million in funding available to qualifying manufacturers to support new product development and increase capacity at existing companies.
Oklahoma Quality Jobs Program: Offers cash grants of up to 5% of new employee payroll for businesses that create at least $2.5 million in new annual payroll in three years with jobs that meet the average county wage.
The 21st Century Quality Jobs Program: Offers a cash grant of up to 10% on taxable payroll for businesses that create at least 10 jobs with an annual wage that is the lesser of $101,650 or 300% of the average county wage.
Insurance Premium Tax Credit: Offers an annual tax credit to insurance companies that locate or expand a regional home office in the state and maintain at least 200 employees.
Investment/New Jobs Income Credit: Offers a five- year tax credit on the greater of 1% per year of capital improvement investment or a credit of $500 for each job created.
Gov. Kevin Stitt announced in April 2021 the launch of Supply Chain Oklahoma (SCO), an initiative that will provide critical resources to Oklahoma manufacturers. The first part of the initiative was “Connex Oklahoma,” a new, free online database tool developed by the Oklahoma Manufacturing Alliance (OMA) in partnership with the Oklahoma Department of Commerce. The tool allows manufacturers to connect, find alternate suppliers, explore production capabilities and view their supply chains.