June 25, 2008

Deception and cover-up are the shields of financial wrong doing.

The right to know is the only dependable defense protecting the public against financial wrong doing.

State officials using that which is only found acceptable for reasons of national security are denying the public the right to know where $100s of millions of funding is going, and who is benefiting. This act provides the cover to hide involvement in a program that it is "not illegal" for state officials and friends to reap millions in unearned profits while returning nothing of value.


The cover-up
Capital Formation Incentive Act, Section 1. AMENDATORY 68 O.S. 2001, Section 205, as last amended by Section 1, Chapter 375, O.S.L. 2005 (68 O.S. Supp. 2005, Section 205), is amended to read as follows:

A. The records and files of the Oklahoma Tax Commission concerning the administration of the Uniform Tax Procedure Code or of any state tax law shall be considered confidential and privileged, except as otherwise provided for by law, and neither the Tax Commission nor any employee engaged in the administration of the Tax Commission or charged with the custody of any such records or files nor any person who may have secured information from the Tax Commission shall disclose any information obtained from the records or files or from any examination or inspection of the premises or property of any person.

.....

27. The disclosure of information, as prescribed by this paragraph, which is related to the proposed or actual usage of tax credits pursuant to Section 2357.7 of this title, the Small Business Capital Formation Incentive Act or the Rural Venture Capital Formation Incentive Act. Unless the context clearly requires otherwise, the terms used in this paragraph shall have the same meaning as defined by Section 2357.7, 2357.61 or 2357.72 of this title. The disclosure of information authorized by this paragraph shall include:

a. the legal name of any qualified venture Capital company, qualified small business Capital company, or qualified rural small business Capital company,

b. the identity or legal name of any person or entity that is a shareholder or partner of a qualified venture Capital company, qualified small business Capital company, or qualified rural small business Capital company,

c. the identity or legal name of any Oklahoma business venture, Oklahoma small business venture, or Oklahoma rural small business venture in which a qualified investment has been made by a Capital company, or

d. the amount of funds invested in a qualified venture Capital company, the amount of qualified investments in a qualified small business Capital company or qualified rural small business Capital company and the amount of investments made by a qualified venture Capital company, qualified small business Capital company, or qualified rural small business Capital company.


Examples, specifics and background including a detailed examination of the Capital Formation Incentive Act and suspicious campaign donations can be found at http://prowlingowl.com a Website focusing on exposing Oklahoma's massive tax credit abuses



See the Capital Formation Incentive Act, mapped and diagram to bring out the wrongs. Oklahoma's loophole riddled Capital Formation Incentive Act