The Investment/New Job tax credit is a credit allowed on Oklahoma income tax. The credit can be claimed either on an investment in depreciable property or on the addition of full-time-equivalent employees engaged in manufacturing, processing, or aircraft maintenance.
The tax credit can be claimed for up to five years on the greater of 1 percent per year of investment in new depreciable property or $500 per new employee. The credit doubles in officially-designated enterprise zones or if investment exceeds $40 million. In most cases, this credit cannot be claimed in conjunction with Quality Jobs incentives.
In 2016, the credit was claimed on 952 tax returns for a total of $57.6 million, according to data from the Oklahoma Tax Commission’s biannual Tax Expenditure Report.