Governor’s desk next stop for bill to help state’s small businesses

Small businesses in Cleveland, Oklahoma and Tulsa counties could soon be able to qualify for the Oklahoma Small Employer Quality Jobs Incentive Act thanks to legislation given final approval Tuesday. House Bill 2956, by Sen. Ron Sharp and Rep. Josh Cockroft, is on its way to the Governor’s desk after passing unanimously out of the Senate.

The bill amends the Oklahoma Small Employer Quality Jobs Incentive Act by eliminating the requirement that qualifying establishments locate in counties with populations under 200,000.

“This great program gives financial assistance to small businesses allowing them to grow and expand, which ultimately provides our state with a tremendous economic boost. Unfortunately, when the bill was drafted in 2011, legislators didn’t realize that they’d be excluding small communities in the state’s three largest counties,” said Sharp, R-Shawnee. “This change will ensure that more small businesses have the ability to qualify for this incentive regardless of where they’re located. I want to thank Rep. Cockroft and my colleagues for supporting Oklahoma’s small business owners and helping get this important economic bill to the Governor.”

The Small Employer Quality Jobs Incentive Act allows qualifying small businesses with 90 employees or less to receive up to a five percent cash-back incentive for up to seven years to locate or expand in Oklahoma.

The bill was supported and requested by the Oklahoma Commerce Department, the State Chamber of Commerce, the Oklahoma City Chamber of Commerce and other city chambers of commerce around the state.

Once signed, the new law will go into effect July 1, 2014.