The Oklahoma State Legislature has been busy in 2005. To date, they have signed off on several key legislative issues designed to make Oklahoma a more business-friendly state. Here are a few of the highlights:
A high-wage incentive designed for existing business. It builds upon the Oklahoma Quality Jobs incentive to new jobs that pay at least 150% of the average wage of the company’s current work force. This will apply to manufacturing, R&D, administration and headquarters, some service industries, and aerospace.
Workers’ compensation reform that specifically addresses attorney fees and medical issues. This initiative will eventually save state businesses more than $100 million annually.
Oklahoma expanded last year’s elimination of capital gains tax on personal sale of Oklahoma-held property to include capital gains on corporate sales of Oklahoma-based property.
Taxpayers will see a $100-million rebate. Marginal income tax was reduced and the standard deduction on state income taxes was doubled.