Oklahoma Senate Passes Bill to Support R&D and Innovation in the State

The Oklahoma Senate has passed a bill by Senator Chris Kidd, R-Waurika, to attract research and development companies to Oklahoma. The bill will return to the House for final consideration before moving on to the governor’s desk.

House Bill 4354 – referred to as the Oklahoma Research and Development Act – was drafted to direct the Oklahoma Center for the Advancement of Science and Technology (OCAST) to provide matching grants for eligible companies. Eligible companies then partner in projects with research universities or nonprofit research institutions in the state with the intention of fostering development of key industries.

Sen. Kidd has been working to diversify the Oklahoman economy, sponsoring research activities, and increasing the state’s competitiveness. 

“Currently, OCAST’s highly competitive awards only go to existing companies already in our state. This bill would set aside a pool of funds specifically for companies who choose to relocate here and want to perform research and development with our great research institutions.” Kidd said.

Under the Research and Development Attraction Grants Program, the matching grants could be awarded to cover up to 50 percent of the cost of the project, not to exceed $100,000. To be eligible, a business must:

  • Be an Oklahoma-based small business (less than 100 employees);
  • Operate in aerospace and autonomous systems, life sciences, or energy diversification;
  • Partner with an Oklahoma-based research entity;
  • Conduct its research and development project within Oklahoma; and
  • File an application with OCAST showing the total cost of the project and demonstrating private capital to fund at least 50 percent of the project.

Are you developing new technology for a new or existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

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