Governor Stitt is seeking tax breaks in exchange for the largest manufacturing investment in state history

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Gov. Kevin Stitt is asking lawmakers to help bring what is expected to be the nation’s largest manufacturing facility to Northeast Oklahoma.

It’s a move, he said at a news conference Monday, that will have repercussions for generations to come.

Stitt said he was under a non-disclosure agreement and could not say who the company was, although it was widely believed to be Japan-based Panasonic.

“We can’t talk about the specific number of jobs yet,” said Stitt. “It’s thousands of jobs and billions of dollars in investments.”

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

The cost of the stimulus package is still in question but is based on the total cost of building the facility.

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

Kansas has reportedly offered a $1.2 billion package to Panasonic, a major maker of electric vehicle batteries. Stitt said the Oklahoma bid will be competitive.

“This is the largest factory investment in[Oklahoma’s]history and one of the largest in the country, so that makes the numbers bigger, but percentagewise it’s not that different than any other company that could move 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 was on the one-yard line.

“I wouldn’t ask that in front of the press up here unless we thought we had a pretty good shot,” Stitt said. “But I’m telling you this, if I fail it, it doesn’t happen.”

And the governor told lawmakers he wants the deal on his desk by the end of the week because the company has a deadline.

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