Overview
Here is a consolidated overview of the key financial and business incentives that are available to new and expanding industry in Ardmore, Oklahoma.
For a discussion of how these can apply specifically to your company or client, contact the Ardmore Development Authority and put us to work for you.
OPTION 1
Oklahoma Quality Jobs Program
The Quality Jobs Program pays quarterly cash refunds of up to 5% of new taxable payroll to qualifying companies for up to ten years. New legislation in 2005 allows companies in the program who expand again to receive up to 6% wage rebates. The program sets certain criteria based upon:
Large business
- a minimum payroll of $2.5 million for most companies, less for food processing and research and development firms
- the payroll threshold is reduced to $1.5 million if located at the Ardmore Industrial Airpark
- a minimum of 80% employees working more than 30 hours weekly and meet minimum wage requirements
- wage must be $28,878 or higher
- a basic health insurance program for employees
Small business
The Small Business Quality Jobs Program provides cash
refunds of up to 5% for 7 years to companies with
less than 100 employees.
- basic health insurance must be provided to employees and meet minimum wage requirements
- minimum of 15 new jobs
- employees must earn 110% of the County
average wage (current ave is $33,119. 110%=36,431)
OPTION 2
Investment/New Jobs Tax Credit Package
As an alternative to the Oklahoma Quality Jobs Program, an eligible new manufacturing investment earns a credit of 1% each year for 5 years (total of 5% of investment or a credit of $500 per job created). The investment is doubled in Enterprise Zones, which include Westport Industrial Park, New Horizons Park, and the Ardmore Industrial Airpark.
ADDITIONAL INCENTIVES AVAILABLE WITH OPTIONS 1 & 2