• Contact
Thursday, May 8, 2025
  • Login
Oklahoma Business Voice
  • Home
  • News
    • All
    • Aerospace
    • Childcare
    • Education
    • Energy & Environment
    • Federal
    • Film & Television Industry
    • Finance
    • Health Care
    • Innovation
    • Issues Affecting Oklahomans
    • OBV One-on-One
    • Opinion
    • Politics & Elections
    • Taxes & Budget
    • Tribal
    • Workforce Development
    A cheerful orange food truck adorned with decorative lights and vibrant designs, serving food items to customers amidst an energetic night fair setup with string lights.

    Gov. Stitt signs Food Truck Freedom Act into Oklahoma law

    Photo from Northern Oklahoma College

    OK Commerce Dept launches education, workforce incentive

    State Capitol of Oklahoma in Oklahoma City.

    Bills to guide, fund Oklahoma Workforce Commission progressing

    Woman checking the grocery receipt

    Bill to stop mandatory price hike on retail goods in Oklahoma progressing

  • Sign UpNEW
  • About
  • Contact
  • Advertise With Us!
No Result
View All Result
  • Home
  • News
    • All
    • Aerospace
    • Childcare
    • Education
    • Energy & Environment
    • Federal
    • Film & Television Industry
    • Finance
    • Health Care
    • Innovation
    • Issues Affecting Oklahomans
    • OBV One-on-One
    • Opinion
    • Politics & Elections
    • Taxes & Budget
    • Tribal
    • Workforce Development
    A cheerful orange food truck adorned with decorative lights and vibrant designs, serving food items to customers amidst an energetic night fair setup with string lights.

    Gov. Stitt signs Food Truck Freedom Act into Oklahoma law

    Photo from Northern Oklahoma College

    OK Commerce Dept launches education, workforce incentive

    State Capitol of Oklahoma in Oklahoma City.

    Bills to guide, fund Oklahoma Workforce Commission progressing

    Woman checking the grocery receipt

    Bill to stop mandatory price hike on retail goods in Oklahoma progressing

  • Sign UpNEW
  • About
  • Contact
  • Advertise With Us!
No Result
View All Result
Oklahoma Business Voice
No Result
View All Result
Home News
Oklahoma City Skyline

Oklahoma City's skyline

Bill incentivizing Oklahoma business growth wins support

Hicham Raache by Hicham Raache
April 16, 2025
in News, Politics & Elections, Taxes & Budget
Reading Time: 3 mins read
Share on FacebookShare on Twitter

OKLAHOMA CITY (OBV) – A bill that incentivizes Oklahoma businesses to invest in research and development to grow their business is making strides in the Oklahoma legislature.

Sen. Kristen Thompson
Sen. Kristen Thompson

Senate Bill 324, written by Sen. Kristen Thompson, R-Edmond, and Rep. Brian Hill, R-Mustang, passed the Oklahoma Senate 33-11 in March.

The bill creates the Oklahoma Research and Development Rebate fund. The fund gives businesses an income tax credit up to 5 percent for their research and development expenses.

SB 324’s purpose is to incentivize businesses to invest in research and development that will help them grow through various expansion efforts, including developing new products and intellectual properties.

“This is a very helpful tool when expanding current Oklahoma businesses,” Thompson said of the bill.

The bill also makes Oklahoma more attractive to research and development companies looking for new states to expand into.

“The way this fund is going to work is it’s basically first come, first serve on qualified expenditures. The dollar amount will remain in the fund until expended,” Thompson said.

Oklahoma is one of 12 states that do not offer businesses a research and development incentive, Thompson said.

“My expectation is this will be a very successful program and we can in the future make it work better for the state of Oklahoma,” Thompson said while answering questions about the bill on the Senate floor.

Sen. Brian Guthrie, R-Bixby, voted against SB 324. He said he did not vote for SB 324 because the bill goes against a mandate this year to cut spending amid high inflation.

“The primary goal this year is to cut spending and shrink government,” Guthrie said. “If we’re deciding what incentives, we’re just growing government, which is the opposite of what we’re trying to accomplish this year.”

Thompson said she does not believe the state would rebate more than the companies pay in taxes.

“They still have employees that are paying taxes here. I think the net benefit in itself, regardless if the company is incorporated here or not, will be a pro-growth measure,” she said.

The bill incentivizes Oklahoma companies and out-of-state companies that have a presence in Oklahoma to invest in research and development in the state.

“We will see Oklahoma companies benefit from this, but we do have some companies now that have a very strong footprint in this state. So, we want to incentivize them to continue to work at places like Tinker and maybe FISTA down in Lawton. Our goal with this is to encourage research and development dollars in the state,” she said.

The bill is now under consideration in the Oklahoma House of Representatives.

Tags: Oklahoma Research and Development RebateOklahoma SenateRepresentative Brian HillResearch and DevelopmentSB 324Senate BIll 324Senator Brian GuthrieSenator Kristen ThompsonTax CreditTax Incentive
ShareTweetShare
Previous Post

Oklahoma House Democrat Leader Munson running for governor

Next Post

Bill to give Oklahoma ninth-graders math tutoring moving ahead

Related Posts

A cheerful orange food truck adorned with decorative lights and vibrant designs, serving food items to customers amidst an energetic night fair setup with string lights.
News

Gov. Stitt signs Food Truck Freedom Act into Oklahoma law

May 8, 2025
Photo from Northern Oklahoma College
Education

OK Commerce Dept launches education, workforce incentive

May 7, 2025
State Capitol of Oklahoma in Oklahoma City.
News

Bills to guide, fund Oklahoma Workforce Commission progressing

May 8, 2025
Woman checking the grocery receipt
News

Bill to stop mandatory price hike on retail goods in Oklahoma progressing

May 6, 2025
Civil servant sticks a notice of eviction of the tenant
News

Eviction timeline change sent to Oklahoma Gov. Stitt for approval

May 5, 2025
Photo from Rachel Cannon's website
Film & Television Industry

1 on 1: TV star Cannon envisions Oklahoma as sitcom production hotspot

May 2, 2025
Next Post
Young male science teacher explaining main rules and formulas in physics and mechanics for pupils. A boy is drawing on the blackboard. STEM disciplines, Math education concept tutoring tutor student teacher math

Bill to give Oklahoma ninth-graders math tutoring moving ahead

Oklahoma Business Voice

© 2023 Oklahoma State Chamber.
Powered by High Five Media.
Privacy Policy

Navigate Site

  • Home
  • News
  • Sign Up
  • About
  • Contact
  • Advertise With Us!

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
  • Sign Up
  • About
  • Contact
  • Advertise With Us!

© 2023 Oklahoma State Chamber.
Powered by High Five Media.
Privacy Policy

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.