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The 2007 Taxpayer Transparency Act commonly known as "Openbooks" required all information about Oklahoma's tax credits be made public starting with tax credits used in 2007. Provided on line by November 1, the following year. The tax commission only partially reported. Only reporting $68 million of at least $370 million uncovered so far, for 2007. Then when exposed tried slipping part of the omitted 2007 tax credits in under the cover of reporting 2008 tax credits. View more
What is suspicious about this list? For starters I have accumulated a list of over 350 names of "so called investors" who should receive the tax In a botched attempt cover up failure to report 2007 tax credits the tax commission grossly undereported 2008 taxes and still left two major tax credit users totally unreported.A list of over 350 names of "so called investors" who received Small Business Venture and Rural Small Business Venture (also known as "pass-through entities") tax credits have never been reported. Internal OTC emails, obtained, reveal these are the tax credits the tax commission issues tax refunds checks off the record.
Not one name from the of those operating the "pass-through entities" or the "so called investors" appear on this list.
There is other information to suggest some tax credits may have been listed under the wrong category. For example Robert and Gina Bennett discussed in a previous article listed $585,995 taken under the "Oklahoma Investment/new Jobs Credit." Form 506 used for Oklahoma Investment/new Jobs Credit available on the OK Tax Commission Web site states a $500 tax credit can be taken for each new employee or 1% of the amount invested, but not both. To qualify for $585,995 in tax credits would require hiring over 1,000 employees or investing $58,599,500. That is a huge investment and an even larger number of new employees. Then we find the Bennett's are not listed as taking any credits for the $5,045,000 their company received through the Rural Small Business Capital Credits the same year. This opens a wide range of questions, why were two different tax credit programs used? One paying 1% and the other up to 200%. We maintain that the $5,045,000 investment did not qualify for the program used, but the tax commission didn't seem to notice that little wrong.