Incentives
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.
NEW! Environmental Site Assessment Assistance Available
Through a $2 million grant from the U.S. Environmental Protection Authority (“EPA”), the Oklahoma Corporation Commission (“OCC”) is now offering assistance to Midwest City commercial property owners whose land is the site of underground fuel storage tanks (USTs). The program could be especially beneficial to those whose immediate plans include the sale or redevelopment of a UST site. By participating in the program, property owners may save a significant amount of money while ensuring their property is safe and ready for redevelopment. Phase 1 and Phase 2 ESAs explore the likelihood of contamination, verify actual conditions, and determine the steps necessary to clean up and restore any affected areas. Once restoration plans are drawn up, applications will be made to the EPA for more financial assistance.
The OCC program is part of a Brownfield grant announced three months ago that, according to the EPA announcement, is supported by the President’s Bipartisan Infrastructure Law. The law provides a total of $1.5 billion to advance environmental justice, spur economic revitalization, and create jobs by cleaning up contaminated, polluted, or hazardous brownfield properties. The program will cease once all available funds are committed to potential projects.
For more information contact the City’s Economic Development Office at (405) 739-1218 or e-mail economicdevelopment@MidwestCityOK.org.
Opportunity Zone
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
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
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.
HUBZone
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.
