Governor Stitt Requests Tax Breaks To Bring Manufacturing Plant To Oklahoma

Oklahoma Governor Kevin Stitt is asking the state legislature to pass an incentive package to bring an unnamed manufacturer to Oklahoma.

Tuesday, April 19th 2022, 8:14 am

By: Kaitlyn Deggs

Oklahoma Governor Kevin Stitt is asking the state legislature to pass an incentive package to bring an unnamed manufacturer to Oklahoma.

The Governor says it would bring thousands of jobs to the state.

Just hours after the Governor made his announcement Monday afternoon, a legislative committee approves his request.

Governor Stitt did not mention the business by name, because he is still under a non-disclosure agreement.

However, he says the business is a major Fortune 500 company that is considering building a factory in Oklahoma.

It is widely believed to be the Japanese-based company 'Panasonic'.

The Governor is urging lawmakers to approve three different types of tax breaks to help bring the company to the state. Stitt says it could affect up to 70,000 jobs.

The details of the tax rebates are still unclear, but the measure requires a company to spend more than $3.6 billion in Oklahoma to qualify.

Governor Stitt says this is the best time to invest in the economy.

“Now’s the time to go after it,” said Governor Stitt. “Tens of billions of dollars are going to be invested over the next five to seven years in this space, and we want Oklahoma to be the spot these folks land. So we have an opportunity to land one of the largest factories in the entire country.”

The Governor wants this done by the end of the week because the company is on a deadline.