National Economic Development Expert Addresses Incentive Review Commission

Jay Moon says incentives are important, but have to be structured properly

Oklahoma City (April 19, 2016) – The independent commission created to assess Oklahoma’s tax credits and incentives heard from a nationally recognized expert in the field of economic development today. Mississippi Manufacturers Association President & CEO Jay Moon told the commission that companies are looking for certainty when it comes to operating costs and incentives can help them achieve that. He added that in a global economy, economic incentives are an imperative.

“Incentive programs need to be a part of every state’s toolkit, but regular reviews are important as well,” said Moon. “Programs should be designed to achieve community economic goals and have defined goals and criteria for success so taxpayers are assured that incentives are producing a significant return on the investment of tax dollars.”

The Incentive Review Commission will assess at least the four largest incentive programs this year, eventually looking at every program over a four year period. The goal is to make sure incentives are producing positive results for the state. The commission will give a report to lawmakers every year on its findings.

“Oklahoma has created great programs that are proven successful for job creation and capital investment,” said State Chamber President & CEO Fred Morgan. “We are glad that an independent commission is looking at the state’s economic development programs so that lawmakers have the best information possible showing the benefits they provide and why it’s necessary to retain effective incentives to keep Oklahoma competitive in the global marketplace.”

A photo taken shortly before the hearing can be found by clicking here.

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