Oklahoma Rural Jobs Act Tax Credit

Oklahoma Rural Jobs Act Tax Credit is sponsored by Oklahoma Department of Commerce. Provides tax credits to investors in qualified rural businesses, including those in the hemp industry.

Rural Jobs Act - Oklahoma Department of Commerce Incentives to small businesses located in rural areas of Oklahoma. The Oklahoma Rural Jobs Act promotes greater access to capital for qualifying small businesses located in rural areas of the state.

Rural Funds, their affiliates or investors may earn a tax credit on the amount equity that they invest in a Rural Fund, which must then deploy as capital expenditures to provide financing for small businesses in rural Oklahoma. The application period for the Rural Jobs Act has now closed, and no additional applications are being accepted.

The Oklahoma Department of Commerce has approved five rural funds to participate in the Rural Jobs Act. This program is for six years, and the tax credits are only offered at 15% in years 3-6 after the capital allocation date. All approved funds have been subsidized and provided appropriate evidence of funding.

By December 16, 2024, 60% of the funds must be deployed as either equity or debt financing for eligible businesses in rural areas. At least 10%, or $2,000,000, of the $20,000,000 certified capital investment eligible for tax credits, must be raised from sources including directors, members, employees, officers or affiliates of the approved rural fund.

Fund Name & Contact Funding Entity Address Enhanced Capital Oklahoma Rural Fund, LLC Enhanced Capital Group, LLC 201 St. Charles Avenue, Suite 3400, New Orleans, LA 70170 Doug Beekman dbeekman@enhancedcapital. com 504.

569. 7900 Midwest Community Development Fund XV, L. L.

C. Advantage Capital Community Development Fund, L. L.

C. 909 Poydras Street, Suite 2230, New Orleans, LA 70112 Michael T. Johnson MJohnson@advantagecap.

com 504. 522. 4850 Oklahoma Rural Investment Fund, L.

L. C. Affordable Equity Partners 206 Peach Way, Columbia, MO 65203 Mandi Boehringer mboehringer@garuralinvestmentfund.

com 404. 841. 2227 Oklahoma Rural Jobs Subsidiary Fund, LLC Oklahoma Rural Jobs Investment Company, LLC 3299 K Street NW, Suite 700, Washington, D.

C. 20007 Jabari Johnson JJohnson@tbco. biz 202.

448. 0142 Stonehenge Oklahoma Rural Fund I, LLC Stonehenge Oklahoma Rural Fund Holdings, LLC 236 Third Street, Baton Rouge, LA 70801 Mitchell Hill mmhill@stonehengecapital. com 214.

396. 2761 The Certified Capital Investment Eligible for Tax Credits is $20,000,000 per fund listed. A rural fund may request from Commerce a written opinion as to whether the business that it proposes to invest is an eligible business, which must have its principal operations in Oklahoma and at the time of initial qualified investment has fewer than two hundred fifty employees.

However, Commerce is not involved in the investment decisions of private companies. Please submit questions or opinions to OKruraljobs@okcommerce. gov Once making a capital investment in a rural fund, a rural investor will have the right to a credit against such entity’s state tax liability.

No credit claimed under this stipulation shall be refundable or saleable on the open market. Reports must be submitted to Commerce on the second and third anniversary of the initial credit allowance date to provide documentation as to investment amounts. In subsequent years, rural funds shall submit an annual report with required information.

A rural fund may apply to the Commerce to exit the program on or after the sixth anniversary of the credit allowance date. Oklahoma's Qualifying Areas View the Rural Jobs Act qualifying counties and cities in Oklahoma. Launch Rural Jobs Act map Analysis and assistance at no cost Call us today at 800-588-5959 and we’ll get started on a cost/benefit analysis for your business.

After your preliminary assessment, we can assist you with the application process. Oklahoma Rural Jobs Act FAQs Oklahoma Rural Jobs Act Eligible Business Request Oklahoma Rural Jobs Act Geography Requirements Oklahoma Rural Jobs Act 2nd Anniversary Summary Report Oklahoma Rural Jobs Act 3rd Anniversary Summary Report Oklahoma Incentives and Tax Guide Get comprehensive, up-to-date information on Oklahoma’s business incentives and taxes.

Oklahoma Incentives and Tax Guide The materials contained on this website have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not constitute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances.

YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE. Join the Rural Jobs Act Alerts mailing list for ORJA program updates. Your Research & Economic Analysis Services Team Let us know if you need more information or specific data for site selection or other economic services.

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