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The citizens of the City of Atoka have approved a one-half cent sales tax to be used for Economic Development. ACIDA uses the proceeds of this tax to maintain and create jobs in the community. ACIDA also has a $1,000,000 General Obligation Bond at its disposal to be used for construction, refurbishing and/or equipment purchases to assist new or existing qualifying industries in the community. Types of incentives that ACIDA funds are used for:
The amount of ACIDA incentives are based on the number of jobs created, benefits offered employees and the amount of investment in the project. The "Heavy" Industrial Park is a “Certified Industrial Park”, as classified by the Oklahoma Department of Commerce. This certification qualifies companies located in the Park as eligible participants in the Oklahoma “Small Business Linked Deposit” Program. Atoka County has been designated as an “Enterprise Zone” by the Oklahoma Department of Commerce. “Enterprise Zones” provide extra incentives for companies located in the “Zones”, such as double the Investment/New Jobs Tax Credit. Atoka County is located on lands that qualify as former Indian reservation land. This entitles businesses located in Atoka County to take advantage of the “Federal Land Tax Incentive Act”. This Act allows businesses to take accelerated depreciation on its buildings and equipment and to receive Tax Credits for hiring Native Americans and or their spouses. Both of Atoka's industrial parks are located in a “New Markets Tax Credit” census tract. The New Markets Tax Credit program allows a business to receive a 39% Federal Tax Credit on its investment over a seven year period. These investments also qualify for State of Oklahoma tax credits of 30%. Foreign Trade Zone # 227 is located at Durant, Oklahoma, thirty miles to the south. Foreign Trade Zone benefits can be extended to a business located in the Park. Foreign Trade Zone benefits include deferment, reduction or elimination of United States import duties and /or excise taxes. |
