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Oklahoma

A guide to help you understand the ins and outs of business in Oklahoma

Overview

Oklahoma is located in the South-Central region of the United States. Oklahoma City is not only the state capital, but also the state’s largest city as well. Oklahoma has 3.96 million residents making it the 28th most populous state, and the 20th largest state, in regard to total land. The Sooner State’s 2019 GDP was $202,036,000,000.

Aerospace and defense, agribusiness, automotive, bioscience, financial services, manufacturing, energy, and transportation and logistics are the largest industries in Ohio. There are 5 petroleum refineries in Ohio. They produce over 500,000 barrels per day, which is 3% of the US’s total capacity and makes it the 3rd largest producer of natural gas in the country. Also, the world’s largest oil storage facility is in Cushing, Oklahoma.

In 2019, Oklahoma imported $926,214 from Qatar. Its top imports are: Special classification provisions Aircraft, spacecraft and parts thereof In 2019, Oklahoma exported $10,644,619 to Qatar with its top exports being: Nuclear reactors, boilers, machinery, etc. Miscellaneous chemical products Optic, photo, medical/surgical instruments

Oklahoma has a flat corporate income tax rate of 6%. There are 65 incentive programs offered, including the Quick Action Closing Fund, the Oklahoma Applied Research Support Program and the Energy Efficient Residential Construction Tax Credit. Oklahoma also has four free trade zones: Tulsa, Muskogee, Durant, and Oklahoma City.

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