OKLAHOMA CITY – 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 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.
“Opening up these small employer incentives statewide will level the playing field and allow for better business development within many of our rural communities,” said Cockroft, R-Wanette. “This gives rural small businesses another tool in the toolbox and encourages continued economic growth in Oklahoma. A win-win for our state."
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.