Incentives
Many cities and states offer incentives as part of their recruitment efforts, but when it comes to Durant incentives, locating businesses are discovering two differences that really counts—a true customization that comes with care and attention to business needs and a can-do attitude in helping industry grow. With a well-stocked toolkit of local as well as federal and state benefits, Durant assembles a tailored incentives package that yields the greatest impact for the greatest length of time possible. Incentives are also available for expansions. Altogether, that means that the Durant difference in incentives is one that will nurture your operational growth and success well into the future.
Some of Durant’s available incentives include:
Federal Incentives
The 2017 Tax Cuts and Jobs Act gave economic opportunity a doubled boost, as both investors and American communities reaped the benefits. That’s because investment in qualified Opportunity Funds—which in turn invest in designated Opportunity Zones—provides both immediate and long-term tax benefits for the investor even as it provides a welcome development opportunity for the community.
Community Development Entities (CDEs) provide needed community loans and investments, while those making equity investment in CDEs receive a generous tax credit against federal income tax over a period of 7 years, up to 39% of the original investment amount.
Employers enjoy a 20% non-refundable income tax credit for wages and health insurance premiums paid for each employee who is also an enrolled tribal member.
Durant’s Foreign Trade Zone #227 offers manufacturers enhanced control over costs, quality, and compliance, with improved inventory tracking, weekly entry savings, indefinite storage (thus avoiding quota restrictions), and with a range deferrals, waivers, and eliminations of duties and tariffs.
Opportunity Zones: Do well by doing good.
The 2017 Tax Cuts and Jobs Act gave economic opportunity a doubled boost, as both investors and American communities reaped the benefits. That’s because investment in qualified Opportunity Funds—which in turn invest in designated Opportunity Zones—provides both immediate and long-term tax benefits for the investor even as it provides a welcome development opportunity for the community.
New Markets Tax Credit: Equity investments that stretch out advantages.
Community Development Entities (CDEs) provide needed community loans and investments, while those making equity investment in CDEs receive a generous tax credit against federal income tax over a period of 7 years, up to 39% of the original investment amount.
American Indian Lands Tax Credit: Native investment with higher returns.
Employers enjoy a 20% non-refundable income tax credit for wages and health insurance premiums paid for each employee who is also an enrolled tribal member.
Foreign Trade Zone: Convenience, increased control and lowered costs.
Durant’s Foreign Trade Zone #227 offers manufacturers enhanced control over costs, quality, and compliance, with improved inventory tracking, weekly entry savings, indefinite storage (thus avoiding quota restrictions), and with a range deferrals, waivers, and eliminations of duties and tariffs.
State Incentives
- Quality Jobs Program: Cash back for job creators.
- For qualified projects, Oklahoma’s Quality Jobs Program provides a cash rebate paid out over seven years.
- Small Employer Quality Jobs Program: Convenient quarterly payments.
- For qualified projects, small employers (50 employees or fewer) receive quarterly incentive payments totalling as much as 5% of new taxable payroll costs for up to seven years.
- Training for Industry Program (TIP): Low- to no-cost customized training for industry.
- Delivered through Kiamichi Technology Center, Oklahoma’s customized workforce TIP provides a key competitive advantage in the comprehensive development services available.
- Manufacturing Sales Tax Exemptions
- Ad Valorem Manufacturing Exemption
- Freeport Inventory Benefits
Choctaw Incentives
- Choctaw Development Fund: Flexible funds that make a difference.
- Created to address wide-ranging community needs, including economic development, these funds are applied judiciously to create maximum impact for locating industry.
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