NOVEMBER 2008
WELCOME TO THE TABLE
Grant Thornton, OKC. In Oklahoma, Grant Thornton has offices in both OKC and Tulsa. They have a team of over 150 professionals and staff dedicated to provide excellence in services to their clients. Their major client is Quick Trip Corporation. Grant Thornton revenue in Oklahoma has grown substantially every year since 2004. Tom R. Gray III is their Managing Partner.
Oklahoma Manufacturing Alliance, Tulsa. The Alliance partners with local sponsors to provide manufacturing extension agents who offer assistance and support to the state’s nearly 4,000 manufacturers. That extension network is sponsored locally by: career tech centers, higher education institutions and economic development organizations. Roy Peters is their President.
Solar Parts Manufacturer Breaks Ground In Quapaw
Umicore Corp. recently broke ground in Quapaw on a $35 million factory that will make parts for solar panels. The new factory will add 50 high-tech jobs when it opens in 2010.
The new plant will produce a small part for high-efficiency solar panels that are used on satellites and other space objects, including NASA’s Mars Exploration rovers.
Oklahoma Department of Commerce Secretary Natalie Shirley says Umicore picked the northeastern Oklahoma community over other locations for its new facility because of Oklahoma’s highly skilled workforce.
“In selecting to expand in Oklahoma instead of Phoenix or Albuquerque, Umicore recognizes Oklahoma’s talented workforce, which is prepared to succeed in this high-tech arena of solar cell development,” says Shirley.
Economic Stabilization Act of 2008, signed by President Bush Oct. 3, 2008, extends the tax.
Business Marketing Events:
Aerospace Industry Targeted at NBAA Event
An 11-member Oklahoma “aviation” business development team recently exhibited at the National Business Aircraft Association (NBAA) trade show in Florida. Over 1,100 exhibitors were present including business aircraft firms and avionics and parts suppliers.
Participating organizations included Oklahoma Aerospace Commission, Greater OKC Chamber, Metro Tulsa Chamber, Broken Arrow Chamber, City of Owasso, Okmulgee Chamber, Oklahoma Aerospace Association, and the Department of Commerce. Contacts were made with 198 companies and consultants, resulting in several business leads.
“Watch Party” Targets Phoenix-based Companies
Commerce’s Business Location and Project Boomerang staff partnered with the Arizona OU Alumni Association to host a unique business networking event October 11 during the annual OU/Texas football game.
OU alumnus and national site location consultant Deane Foote of Jacobs Carter Burgess helped host the event. The goal of the event was twofold: to familiarize OU alums, living in Arizona, with the current Oklahoma business climate and business development efforts; and to launch Project Boomerang in the Arizona market. The Boomerang project is an initiative to attract highly skilled workers and bring talented former workers back home.
American Indian Lands Tax Credit Extended
The Emergency Economic Stabilization Act of 2008, signed by President Bush Oct. 3, 2008, extends the tax incentive through Dec. 31, 2009 for businesses locating on former Indian lands.
More than two-thirds of the lands in Oklahoma meet the Internal Revenue Service-qualifying definition of former Indian lands and qualify for accelerated depreciation.
Qualifying lands may include previous tribal land that may have been transferred to new ownership.
AN ENCOURAGING BUSINESS SURVEY
The National Tax Foundation’s annual State Business Tax Climate Index ranks Oklahoma 18th most favorable in the U.S.
This report indicates that states with the best tax structure will continue to be the most competitive in attracting new businesses and most effective at generating economic and employment growth. Components of the survey include: individual income tax, sales tax, corporate tax, property tax and unemployment insurance tax.
This 2009 survey ranked Wyoming, South Dakota, Nevada, Alaska and Florida as the most favorable states. Surrounding states were: Texas (7th), Colorado (13th), Missouri (16th), New Mexico (26th), Kansas (31st) and Arkansas (35th).
The bottom five states were New Jersey, New York, California, Ohio and Rhode Island.
State Business Tax Climate: Oklahoma ranked No. 1
Cost of Doing Business: Oklahoma ranked 6th.
State Business Tax: Oklahoma moved from 13th to 7th.
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