Year 3 - Evaluation Schedule

Estimated Incentive Cost
$4,000,000

Program Type
Tax Credit

Citation
68 O.S. sec. 2357.403

Industry
Residential

Sunset
None Found

Review Year
3

An income tax credit, equal to the amount of federal low-income housing tax credit, not to exceed $4.0 million per allocation year, is allowed for qualified housing projects placed in service after July 1, 2015.

Estimated Incentive Cost
None

Program Type
Loan/Loan Participation

Citation
2 O.S.sec.5-3.1

Industry
Various

Sunset
None Found

Review Year
3

The purpose of the Oklahoma Agriculture Enhancement and Diversification Program is to promote and encourage the interests of agriculture through the allocation of funds, by grant or loan, to individuals, cooperatives and other agricultural entities to provide assistance to projects dealing with eh development of new or expanded uses of agriculture products, and to increase productivity and added value of agricultural products.

Estimated Incentive Cost
$4,876,495

Program Type
Tax credit

Citation
68 O.S. sec.2357.46

Industry
Residential

Sunset
None Found

Review Year
3

An income tax credit, not to exceed $4,000, is allowed for eligible expenditures incurred by a contractor in the construction of energy efficient residential property of 2,000 square feet or less. Unused credit may be carried over for a period of 4 years. This credit is transferable.

Estimated Incentive Cost
None

Program Type
Tax exemption

Citation
74 O.S. sec.5064.7

Industry
Innovation

Sunset
None Found

Review Year
3

Royalty income is exempt from state income taxes for a period of 7 years upon certain products developed and manufactured in Oklahoma. Further, manufacturers may qualify for the Oklahoma Investment/New Jobs Credit (68 O.S. sec.2357.4) and an income exclusion of 65% of depreciable property purchased and directly used in manufacturing the product not to exceed $500,000.

Estimated Incentive Cost
$56,744,407

Program Type
Tax credit

Citation
68 O.S. sec.2357.4

Industry
Various

Sunset
None Found

Review Year
3

An income tax credit is allowed for either an investment in depreciable property used in a manufacturing or processing facility or for a net increase in average levels of employment in said facilities. Any credit allowed but not used may be carried over in order to each of the 4 years following the year of qualification and, to the extent not used in those years, in order to each of the 15 years following the initial 5 year period.

Estimated Incentive Cost
None

Program Type
Tax exemption

Citation
74 O.S. sec. 5064.7

Industry
Innovation

Sunset
None Found

Review Year
3

Royalty income is exempt from state income taxes for a period of 7 years upon certain products developed and manufactured in Oklahoma. Further, manufacturers may qualify for the Oklahoma Investment/New Jobs Credit (68 O.S. sec.2357.4) and an income exclusion of 65% of depreciable property purchased and directly used in manufacturing the product, not to exceed $500,000.

Estimated Incentive Cost
$2,750,000

Program Type
Grant/Reimbursable

Citation
74 O.S., Section 5060.274 O.S., Section 5060.1974 O.S., Section 5060.4

Industry
N/A

Sunset
None Found

Review Year
3

The purpose of the OARS program shall be two-fold. First, it shall assist in the accelerated development of technology in the state by supporting applied research activities in existing and emerging technical areas in which the results have (1) a high probability of leading to commercially successful products, processes or services within a reasonable period of time and (2) a significant potential for stimulating economic growth within the state of Oklahoma. Secondly, the program shall encourage and sustain partnerships among institutions of higher education, non-profit research organizations and private enterprises by encouraging collaborative projects which are designed to promote increased knowledge and technology transfer.

Estimated Incentive Cost
$3,000,000

Program Type
Grant/Reimbursable

Citation
74 O.S., Sections 5046 - 5055

Industry
N/A

Sunset
None Found

Review Year
3

The purpose of the program is to help recruit and retain well-qualified health research scientists for the State, improve the competitiveness of Oklahoma-based investigators for national research funds, improve health care for the citizens of Oklahoma, and strengthen the State's health care industry. Research funded under this program investigates the causes, diagnosis, treatment and prevention of human diseases and disabilities and facilitates the development of health care products and services.

Estimated Incentive Cost
N/A

Program Type
Equity investment

Citation
74 O.S. sec. 5062.8A

Industry
Various

Sunset
None Found

Review Year
3

The Oklahoma Development Finance Authority can match dollar for dollar an investment enterprise's private capital for helping new and expanding businesses. An investment enterprise includes any corporation, limited partnership, or similar business entity, including entities qualifying as Small Business Investment Companies under applicable federal law. The primary function is to use private and public resources to build a more comprehensive and efficient financing infrastructure for businesses expanding or relocating in the state of Oklahoma.

Estimated Incentive Cost
$3,000,000

Program Type
Closing Fund

Citation
62 O.S.sec.48.2

Industry
Same as QJ

Sunset
None Found

Review Year
3

The fund is to be used for economic development and related infrastructure development when expenditure of funds is likely a determining factor in locating an high-impact business. In the 2013 legislative session the budget agreement included appropriating $3,000,000 to the Oklahoma Quick Action Closing Fund.

Estimated Incentive Cost
N/A

Program Type
Tax Exemption

Citation
74 O.S. sec.5075 AND 68 O.S. sec.2359.E

Industry
Small Business

Sunset
None Found

Review Year
3

Income earned by a small business incubator sponsor from rental and service fees is exempt from income tax. This exemption is available for a period up to 10 years.

Estimated Incentive Cost
$4,788,059

Program Type
Tax Exemption

Citation
74 O.S. sec.5078 AND 68 O.S. sec.2359.E

Industry
Small Business

Sunset
None Found

Review Year
3

Tenants of small business incubators are exempt from income tax on the income earned as a result of the occupancy in the incubator. This exemption is available for a period up to 10 years.

Estimated Incentive Cost
None

Program Type
Equity investment

Citation
74 O.S. sec.5060.20a

Industry
Misc. Tech

Sunset
None Found

Review Year
3

TBFP provides Oklahoma tech start-up companies with pre-seed financing and early-stage risk capital to stimulate investments from private sources. TBFP is administered through a contract with i2E Inc. with awards ranging up to $100,000.

Estimated Incentive Cost
N/A

Program Type
Tax exemption

Citation
68 O.S. sec. 2358 [C]

Industry
Technologies, intellectual property

Sunset
None Found

Review Year
3

The taxable income is decreased for transfers of technology to qualified small businesses located in Oklahoma. The corporation transferring the technology is allowed an exemption from taxable income in the amount of the royalty payment received as result of such transfer, provided that the exempted amount shall not exceed 10% of the amount of gross proceeds received by such corporation as a result of the technology transfer. The benefit lasts for 10 years from the date of the receipt of the first royalty payment accruing such transfer.