Revealing more Oklahoma Tax Credit Fraud; dirty little secret
July 13, 2008
Those caught violating the law to take tax credits are entitled to keep all ill-gotten tax credits. The worst thing that can happen is they will no longer be able to participate in the same program. But, still keep stolen money.
From Senate Bill 1577, Section 22.G "Notwithstanding any other provision of this section, a recapture event shall not occur with respect to qualified investments made by a qualified rural small business Capital company that is also licensed as a rural business investment company under 7 U.S.C., Section 2009cc et seq., or any successor statute, at the time of the qualified investment."
For any not familar - "Recapture" simply means giving the money back.
Note: Section 22. Is only one of many changes and new language added to Senate Bill 1577, the 2006 law, during the process that was claimed to close the loophole. Senate Bill 1577 created what is now known as the Capital Formation Incentive Act
There is no more hiding!
For Oklahoma lawmakers and officials who claiming they aren't involved.
- The mask of deliberate ignorance has been stripped allowing the public to see true ignorance and/or negligence?
- The crutch of claiming to trust others has been kicked away exposing a lack of judgment.
- Failure to act is labeling you too weak to protect your constituency.
- The whole affair is branding you (generously) as short on competence.
Excuses are gone! Buck passing is over!
Details at http://prowlingowl.com
Note: Lawmakers serving in 2006 share the primary blame. Those serving since have been notified and failed to act.