When it comes to the subject of business incubators, we’re just getting warm. Business incubators also …
- Provide a physical location in which a new business can commence, coupled with support services such as shared facilities and business advice;
- Are designed to produce healthy firms that create jobs and wealth, strengthen the economy, commercialize new technologies and revitalize communities;
- Are sponsored by local governments, economic development agencies, universities, community colleges and vocational schools, private sector firms, and combinations of these groups.
The tenant of a certified incubator is exempt from state tax liability on income earned as a result of activities conducted as an occupant in an incubator for up to ten years from the occupancy date in an incubator site in accordance with rules of the Oklahoma Tax Commission. The exemption remains in effect after the date the tenant is no longer an occupant in an incubator, but not to exceed a total of ten years. In order to qualify for the income tax exemption for the sixth through tenth year, the tenant must make at least seventy-five percent of its gross sales to buyers located outside the state or to the federal government.
Through an agreement with the Central Oklahoma Business & Job Development Corporation, Central Tech operates an Oklahoma certified incubator.
