Local Development Incentives
Tulsa receives $3-4 million annually in Community
Development Block Grant and HOME Funds by being recognized
as an entitlement community. The application process takes place
each year in May.
The Fire Suppression Grant rewards up to $8,000
for sprinkler connections and appurtenances located in the public
right-of-way.
The Small Business Capital Formation Tax Credit
Act authorizes an income tax credit of 20
percent of equity or near-equity investment for investors in
qualified businesses, either by a qualified business capital
company or by an investor. There are limitations on the amounts of
investment to which credits apply. Earned credit may be taken in
the year of investment or carried over for three additional years.
For more information, contact the Tulsa Economic Development
Corporation at (918) 585-8332.
Tax Incentive Districts provide a five- to
six-year abatement on local property taxes for specific development
projects. Developers may apply to the City of Tulsa for tax
abatement on projects constructed or rehabilitated within a
designated Tax Incentive District. At this time, the City has one
Tax Incentive District, covering real estate within the Inner
Dispersal Loop (the interstate highways surrounding downtown).
Additionally, projects in enterprise zones are eligible to receive
the state enterprise zone investment/new jobs tax credit.
Tax Increment Financing, Oklahoma Development
Act (1992) allows local governments to establish tax increment
financing (TIF) districts. Before a district can be established,
each affected taxing entity, including the school district, must
approve the TIF plan. Once taxing authorities approve the plan,
it's passed on to the City Council for a vote. The city may collect
increment from real estate tax, sales tax (City share only), or
both. The Tulsa TIF district limit is 15 years. Tulsa currently has
five TIF districts: Brady Village, Technology, North Peoria Avenue,
Blue Dome and Tulsa Hills.
A complete list of state, local and federal incentives, can
be found here.
