Commission recommends overhaul of Oklahoma jobs tax credit

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A state panel that reviews the performance of Oklahoma’s economic tax incentives says three of the incentives should be repealed and another with $557 million in liabilities should be overhauled.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