City of Collinsville

106 N 12th Street

PO Box 730

Collinsville, OK 74021

(918) 371-1010 Phone

(918) 371-1019 Fax

Slide 3 Slide 4 Slide 5 Slide 6 Slide 7 Slide 8 Slide 9


Doing Business Here

Doing Business Here

 

Oklahoma’s innovative incentives and strong business climate make Collinsville an attractive business location.

 

•       Strong State Business Climate

o    5% individual income tax

o    6% corporate income tax

o    4.5% state sales tax

o    Five-year ad valorem tax exemption

o    Five-year investment/new jobs tax credit package

o    Low property taxes

o    Ranks in the Top 20 for the following state rankings:

§  1st for Unemployment Insurance Tax (Tax Foundation – 2018)

§  7th for Business Costs (Forbes - 2018)

§  9th for Corporate Tax (Tax Foundation – 2018)

§  15th for Regulatory Environment (Forbes - 2018)

§  17th for Quality of Life (US News -2018)

§  19th for Property Tax (Tax Foundation – 2018)

o    Oklahoma is a right-to-work state

o    7.4 percent of the state’s workforce are union members, compared to 11.1 percent nationally (U.S. Bureau of Labor, 2015).

o    Affordable Power

§  Oklahoma’s industrial electrical power costs are 22% lower than the national prices at 5.52¢/kWh. That difference adds up, with Oklahoma’s industrial businesses saving $25,100 per 1,000,000 kWh.

 

Incentives

Oklahoma offers a wide variety of grants, tax credits and employee training programs.

 

•       Quality Jobs Program: The Quality Jobs Program makes quarterly cash payment of up to 5 percent of new taxable payroll to qualifying manufacturers and certain service industries that have a new payroll investment of $2.5 million or more.

•       Small Employer Quality Jobs Program: The Small Employer Quality Jobs Program provides quarterly incentive payments to a qualifying small employer (500 employees or less). Quarterly payments may be as much as 5% of new taxable payroll for up to 7 years.

•       21st Century Quality Jobs: This Quality Jobs program is specially tuned for businesses with a highly skilled, knowledge-based workforce. This unique incentive may pay qualifying businesses cash back, up to 10 percent of payroll, for up to ten years for the creation of 10 jobs with an average wage of $94,000 annually or higher, depending on county.

•       Investment/New Jobs Tax Credit Package: This package provides growing manufacturers a significant tax credit based on either an investment in depreciable property or on the addition of full-time-equivalent employees engaged in manufacturing, processing, or aircraft maintenance.

•       Customized Employee Training: Oklahoma’s Training for Industry Program (TIP) is a no-cost/low-cost way for new or growing companies that create jobs to get a skilled, focused and motivated workforce.

•       Business Expansion Incentive Program: The Business Expansion Incentive Program assists Oklahoma companies making major capital investments in depreciable items like machinery, equipment and buildings.

•       Aerospace Engineer Workforce Tax Credit: Aerospace companies hiring engineers in a variety of fields will receive tax credit equal to 5% of the compensation paid to an engineer and 10% if the engineer graduated from an Oklahoma college or university, plus another credit of up to 50% of the tuition reimbursed to an employee. Additionally, the engineer hired receives a tax credit of $5,000 per year.

•       American Indian Lands Tax Credit: Two-thirds of Oklahoma, because of its unique Native American heritage, qualifies for special federal tax treatment. Businesses locating or expanding in these areas benefit by accelerated depreciation of investment and by employment tax credits when employing tribal members or their spouses.

Contact Numbers




Economic Development
106 N. 12th Street
Collinsville, OK  74021

(918) 371-1010