Oklahoma Bill Giving Incentives to Small Businesses is Approved by Senate

Oklahoma Bill Giving Incentives to Small Businesses is Approved by Senate

Small businesses in the state of Oklahoma may soon have a way to receive extra support from the State of Oklahoma. This week, the Senate approved the Small Employer Quality Jobs Incentive Act, and it is now moving to the House for hearing. The bill will provide small businesses with a five percent cash-back incentive for up to seven years if they start their businesses in Oklahoma or expand within the state.

There are certain requirements that small businesses must meet in order to qualify. Those who have 90 employees or less may qualify as long as they are located in counties with a population of less than 200,000. Businesses in an opportunity zone may also qualify.

According to Senator Ron Sharp, small businesses that are located in highly-populated areas are not able to qualify for the incentives, which he does not agree week.  As a result, he is proposing Senate Bill 1329, which would remove the population limits in the Incentive Act, so small businesses within large areas would be able to have the same opportunity to qualify.

Cindy Daniel
Oklahoma City Real Estate

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