A Breakdown of Business and Industry Tax Breaks

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Bonnie Vculek/Enid News & Eagle

Tax breaks for energy companies have soared since 2010. In this photo, despite freezing temperatures Thursday, members of the Tomcat Drilling Rig 5 crew continued their quest for oil next to U.S. 81 north of Enid.

The state of Oklahoma has more than 400 tax breaks and subsidies on its books. Many apply to broad categories of taxpayers. Lawmakers interested in reforming the tax code tend to focus mainly on incentives that subsidize specific businesses and industries. The 24 subsidies on this list are among them. Click on a column heading to re-order table.

IncentiveTypeFY 2014 CostFY 2010 Cost
Horizontally drilled wellsGross production tax credit$362,957,000$83,383,000
Investment, new jobsIncome tax credit$94,792,000$28,497,000
Quality Jobs ProgramDirect payments to manufacturers$82,333,958$54,011,640
Wind power installationsProperty tax exemption, income tax credit$50,181,000$7,192,000
Manufacturer property tax exemptionReimbursement to counties, schools$32,356,276$27,700,000
Production enhancement wellsGross production tax credit$24,051,000$2,838,000
Insurance industry "home offices"Insurance premium tax credit$18,831,786$14,673,798
Ultra-deep wellsGross production tax credit$18,096,000$25,000,000
Small business venture capital companiesIncome, insurance premium, gross production, petroleum excise tax credits$13,204,035$67,654,796
Economically at-risk wellsGross production tax credit$10,661,000$1,421,000
Property, casualty insurer guaranty fundInsurance premium tax credit$7,631,000$9,536,344
Deep wellsGross production tax credit$8,313,000$376,000
3-D seismic wellsGross production tax credit$7,270,000$76,000
Historic building rehabilitationIncome tax, insurance premium tax credits$5,032,647$9,847,099
Oklahoma coal productionIncome. insurance premium tax credits$5,029,957$9,891,232
Oklahoma-based film, musicDirect rebates to producers$5,000,000$5,000,000
Reestablished production wellsGross production tax credit$4,242,000$127,000
Energy-efficient home contractorsIncome tax credit$3,714,000$3,776,000
Aerospace industry employmentIncome tax credit$2,497,000$0
Life, health insurer guaranty fundInsurance premium tax credit$1,221,408$1,392,362
Oklahoma Capital Investment BoardIncome, insurance premium tax credits$881,725$0
New discovery wellsGross production tax credit$573,000$6,000
Enhanced oil recoveryGross production, petroleum excise tax exemptions$376,000$2,030,000
Railroad rehabilitationIncome tax credit$352,000$1,130,000