Oklahoma enacted legislation under the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act that extends the deadline for companies to become certified and receive incentives for investment/development in an enterprise zone. A local government entity must certify to the Oklahoma Department of Commerce that a company’s project plan is located in an enterprise zone or supports a qualifying major tourism destination project, and that the investment/development has been or will be substantially completed no later than December 31, 2034. The previous deadline was December 31, 2024.
The Oklahoma Local Development and Enterprise Zone Incentive Leverage Act provides funding for local units of government to match local tax revenue dedicated to support a project located in an enterprise zone, in support of a major tourism destination, or in support of a military growth impact. (S.B. 473, Laws 2019, effective April 29, 2019)