The Clinton Industrial Authority is committed to creating new jobs by attracting new businesses to the community and promoting the expansion of existing businesses. To assist in achieving this goal, trustees approved a Sales Tax Sharing Incentive where qualifying businesses will be refunded up to 60% of the permanent City Sales Tax Collections paid into the Oklahoma Tax Commission, for up to five years.
As an example, a local company recently began a new franchise business in Clinton. With the approval of their application and Tax Incentive Agreement with the City, that business is now being refunded quarterly 60% of the city sales tax their company is generating.
If a local company decides to expand by adding at least 25% to the square footage of their existing business, and increase their sales tax collections by increased sales volume, their 60% refund would be based on the incremental increase in sales tax, as compared to their average sales tax collections before expansion.