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A New Tax Credit Available to Rural Oklahoma Businesses

As a part of the 2022 legislative session, Oklahoma Governor Kevin Stitt signed the Oklahoma Rural Jobs Act. The law will allow businesses that invest in a “rural fund” to earn a tax credit equal to their expenditure.

Executive Director of the Oklahoma Department of Commerce Brent Kisling said in a press release “With the Oklahoma Rural Jobs Program, we look forward to the expansion of financing
opportunities for qualifying businesses in rural Oklahoma,”.

The Department of Commerce will begin accepting applications for the tax credit on December 1st. The tax credits are only available for years 3-6 after the capital allocation date.