Gov. Stitt Seeks Tax Breaks In Exchange For Largest Manufacturing Investment In State History

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Monday, April 18th 2022, 5:12 pm

OKLAHOMA CITY –

Gov. Kevin Stitt is calling on lawmakers to help bring what’s expected to be one of the largest manufacturing plants in the country to Northeast Oklahoma. 

It’s a move he said at a press conference Monday that will impact generations to come. 

Stitt said he is under a non-disclosure agreement and cannot say who the company is, although it’s widely believed to be Japan based Panasonic. 

“We can’t talk about the specific job numbers yet,” Stitt said. “It’s thousands of jobs and it’s billions of dollars of investment.” 

Stitt is asking lawmakers to approve three different types of tax breaks in what he called “mega-legislation” targeting large employers. 

The cost of the incentive package is still a question mark but will be based on the total cost of constructing the facility. 

“We have an idea, but there still some negotiations going on with a company and I’m not at liberty, I’m still under a (non-disclosure agreement) and I can’t say the exact amount of money that they’re planning on building their factory for, but whatever the number, is it’s billions of dollars,” Stitt said. 

Kansas has reportedly offered Panasonic, a major electric vehicle battery manufacturer, a $1.2 billion package. Stitt said the Oklahoma offer will be competitive. 

“This is the largest factory investment in (Oklahoma’s) history and one of the largest in the country, so that’s what makes the numbers bigger, but the percentage wise, it’s not that much different than any other company that might be moving here with 100 jobs,” Stitt said. 

He said the investment could have a ripple effect, touching 70,000 jobs across the state. 

The Governor said the deal is on the one-yard line. 

“I would not be standing up here asking for this in front of the press unless we thought we had a pretty good shot,” Stitt said. “But I’ll tell you this, if I don’t get it passed, it’s not happening.” 

And the Governor told lawmakers he wants the deal passed and on his desk by the end of the week because the company is on a deadline.