Senate Gives Final Approval to Job Incentives Legislation

A bill to offer enhanced incentives for job creation in Oklahoma is on its way to the House of Representatives for a final vote. That’s after the State Senate voted unanimously to approve Senate Bill 909 on Thursday. Sen. Mike Mazzei is the principal author of the measure.

“Following the oil bust in the 1980’s, Oklahoma began looking for innovative ways to diversify and grow our economy. One important component of achieving that goal was the passage of the Quality Jobs Act,”
Mazzei said. “Since 1993 this program has created about 400,000 new jobs in Oklahoma, and other states have since emulated this successful incentive tool. Some have even gone a step farther by coupling it with additional tax credits. Senate Bill 909 ensures we will remain competitive with those states.”

Under current law, employers can qualify for Quality Jobs tax rebates if they create new jobs with a minimum payroll of $2.5 million. Employers also have the option of applying for tax credits if they invest $40 million in the state.

“Under current law, employers must choose one program or the other, but in about eight other states, they can take advantage of both at the same time,” said Mazzei, R-Tulsa. “My legislation levels the playing field by allowing existing and new businesses in our state to take advantage of both the rebates and credits as well, as long as they meet the criteria for payroll and job creation.”

Mazzei, who chairs the Senate Finance Committee, said he expected the House to move quickly to give final approval to the legislation and send it on to Gov. Brad Henry for his approval.