Ponca City, OK

Now: 40 °F

Currently: Fair

Hi: 80 °F | Lo: 61 °F

Sunday

Hi: 84 °F 

Lo: 61 °F

Monday

Hi: 79 °F 

Lo: 57 °F

Tuesday

Hi: 67 °F 

Lo: 52 °F

Wednesday

Hi: 74 °F 

Lo: 54 °F

Thursday

Hi: 79 °F 

Lo: 55 °F

Commission recommends overhaul of Oklahoma jobs tax credit

The Associated Press - December 24, 2018 11:50 am

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state panel that reviews the performance of Oklahoma’s economic tax incentives says three of the incentives should be repealed and another with $557 million in liabilities should be overhauled.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

 

Latest Stories

Local veteran Stu Russell honored as House’s ‘Veteran of the Week’

OKLAHOMA CITY – State Rep. Ken Luttrell, R-Ponca City, honored Edward S. “Stu” Russell as the...

Lucas announces April Town Hall meetings in north-central Oklahoma

WASHINGTON, D.C. – Congressman Frank Lucas will hold town hall meetings in Garfield County and Kingfisher...

Governor signs bill to increase speed limits on turnpikes, highways

OKLAHOMA CITY – Gov. Kevin Stitt on Thursday signed a bill into law that will increase...