At MidAmerica, industries and their employees keep more of what they earn, thanks to profit-enhancing exemptions and low tax rates across the board.
Low corporate taxes and fees: Oklahoma corporations pay no capital gains on property, while low state corporate taxes—a maximum of 6% on income earned in Oklahoma, with liabilities offset by qualified tax credits and other exclusions—make MidAmerica a profitable location for any corporation.
Low unemployment taxes: The Tax Foundation ranks Oklahoma’s unemployment taxes the fifth lowest in the nation. Employer contributions are recalibrated annually according to factors including benefit-wage ratio, with the taxable wage base determined as a percentage of Oklahoma’s average annual wage, which compares favorably to other states.
Low state and county sales tax; no city sales tax: Oklahoma’s sales tax is only 4.5%, Mayes County only 1.375%, and because MidAmerica is located outside city limits, purchases that are not exempt are subject only to state and county taxes. Manufacturers also enjoy numerous exemptions; see a fuller list here. More
Ad Valorem exemptions: While MidAmerica is located in two ad valorem districts, both with ad valorem rates less than .95% of fair cash value, new and expanding qualifying industries may be eligible for ad valorem exemptions for up to five years. Also significant: In Oklahoma, only local governments have the power to make ad valorem assessments on businesses. Mayes County ad valorem taxes are some of the lowest in Oklahoma and the U.S.
Competitive rates in workers compensation insurance: Oklahoma’s robust insurance market offers ample choice and competitive rates. For more information, see the Oklahoma Insurance Department Website. http://www.ok.gov/oid/
Low personal income tax rates: Rates range from .5% to 5.5%.
Read it and reap: Calculate your property taxes here.
MidAmerica Industrial Park provides a $1.4 billion economic impact annually according to a report compiled by the Tulsa Regional Chamber. Officials at MidAmerica recently completed the 2016 impact study…
PRYOR — MidAmerica Industrial Park on Monday announced a $1.2 million investment in STEM labs — science, technology, engineering and math — and career centers in all five Mayes…