Projects financed through OAQDA are exempt from:
- Real property tax assessment for the life of the loan;
- Tangible personal property tax assessment for the life of the loan;
- Calculation of the corporate franchise tax for the life of the loan;
- Sales and use tax for purchase of equipment to reduce air pollution or improve energy efficiency.
Key elements of OAQDA tax incentives:
- 100% exemption on real property, tangible personal property, sales, use, and franchise tax for qualified project costs;
- Given upon OAQDA approval (OAQDA is the only review body);
- Last for the life of the loan;
- No job creation or property investment monitoring requirements;
In addition to the tax incentives, small businesses assisted through the Clean Air Resource Center (CARC), the small business arm of the OAQDA, are eligible for additional technical and financial assistance.
CARC services include:
- One-on-one technical assistance in coordination with OCAPP;
- On-site visits in coordination with OCAPP;
- Confidential compliance assessments in coordination with OCAPP;
- Permitting assistance in coordination with OCAPP;
- Small Business assistance with principal pay down; and
- Small business grants to cover closing costs.