The State of Oklahoma offers a variety of business incentives, many of which are centered on the aeronautic industry. A complete guide to incentives can be found in the Oklahoma Department of Commerce Business Incentives & Tax Guide. Midwest City typically limits local incentives to large job creators, regional draws and unique retailers; however, all projects are considered on a case-by-case basis and we welcome your inquiry. Please call (405) 739-1218 to discuss your project.
Many investors have turned their attention to Oklahoma 117 Federal Opportunity Zones that were created as part of the 2017 Tax Cuts and Job Act. These zones offer long term tax shelters for patient investors willing to create job opportunities within some of the country's most impoverished areas. The 40-acre Soldier Creek Industrial Park lies within Midwest City's only Opportunity Zone.
Enterprise Zones are intended to stimulate economic activity in economically distressed areas. These areas tend to have higher rates of unemployment, lower incomes, fewer jobs or fewer high wage jobs as compared to the rest of the state. Enterprise Zone programs provide tax incentives so businesses can overcome economic barriers that may be impeding job and income growth. Double the Investment / New Jobs Tax Credit is allowed, low interest loans may be made available through enterprise district loan funds, and terms for Small Linked Deposit Loans may also be lengthened.
New market tax credits are sometimes available from certified Community Development Entities such as Metafund. All but two square miles of Midwest City's Enterprise Zones are eligible for these credits. This program provides incentives for equity investments in designated areas. The credit equals 39% of the investment paid out (5% in each of the first three years, then 6% in the final four years, for a total of 39%) over seven years.Midwest City is also home to U.S. Small Business Administration HUBZones; one can be found in the north central part of the city and another on the southwest corner. HUBZone certifications can open the doors to obtaining U.S. Government contracts if your business qualifies.