Owasso Can Tailor an Incentives Package for Your Business.
The City of Owasso is committed to promoting and retaining high-quality development and to ongoing improvement in the quality of life for its citizens.
Incentive programs may include one or a combination of awards such as tax abatements, infrastructure participation and improvements, fee waivers, and loans, among others, and particularly for target industries. Call Owasso Economic Development at 918-376-1518 to inquire about possible incentives that could lower the cost of doing business for your company.
The City of Owasso is currently developing an incentives policy and guidelines for implementation.
Other regional, county and state incentives may include:
Oklahoma Quality Jobs Program – provides quarterly cash payments to a qualifying company of a percentage, not to exceed 5%, of newly created gross taxable payroll. Special provisions are made for certain small employers in rural counties or other specially designated locations.
Former Native American Lands – Businesses operating on Oklahoma lands formerly owned by Native American Tribes may qualify for accelerated depreciation of property and federal tax credits for employment of qualifying tribal members and spouses. Determination of qualifications is made by the U.S. Internal Revenue Service. This county was formerly owned by Native American Tribes.
Foreign Trade Zones: Tulsa International Airport & Tulsa Port of Catoosa – Businesses engaged in international trade benefit from special customs procedures when exporting, warehousing, manufacturing, or assembling with imported goods in Foreign Trade Zones.
Oklahoma Enterprise Zone, Portions – Additional incentives may be available to firms locating within Enterprise Zones. Enterprise Zones include designated counties, cities, or portions thereof and are based on the relative economic health of the area and other factors. Portions of this county or communities within the county have been designated.
Oklahoma Freeport Exemption – Article 10, Section 6A of the Oklahoma Constitution, allows an exemption from Ad Valorem taxes on certain business inventory. Inventory that can be exempt includes:
- Wares and merchandise that is held for assembly
- Fabricating purposes
To be exempt, the inventory must have a final destination outside the State of Oklahoma, while being in the state for less than 9 months.
Click here for the Oklahoma Business Incentives & Tax Guide to learn about other incentives opportunities.