Like the 1,000s of other pages of evidence uncovered and descriptions of crimes on this site, this web page is only one part of a massive multi-state entanglement of government corruption and cover-up. See size
November 10, 2010
cover-up is the key element of fraud and public corruption. When you find false information, it is time to start asking questions. With tax credits we have evidence of false claims and cover-up, in the form of false reports.
A following email will shed more light on why this being ignored.
First let's clear up a matter that seems few recognize. The part about investors receiving $2 in tax credits for each $1 invested? What apparently few realize is the investors receive their $2 in tax credits the day their money is invested. Works like a slot machine, not an investment. Hand the middleman $1 million and he hands you back $2 million in tax credits. Turn around and sell to a ready buyer or file a tax refund claim and get a state issued check.
The money to cover the tax refund checks comes out of our taxes, before the taxes are treated as revenue. This can only work by misrepresenting the amount invested.
That is what the cover-up is hiding.
So what is missing? It helps to know what is required and be able to recognize the difference. This is clearly described in state Statute 68 Section 205. To understand the terms requires a little more, most of which can be found in Refs (1) below. Here is the short version, and for the record and shake of brevity, these comments primarily apply to the 6 largest money tax credits. Two of which appear nowhere on Openbooks and four which have incorrect information substituted.
Some specific examples of information required, but not reported.
Both substituting incorrect information, and holding back reporting, prevents the public from seeing how the money was used, who received the money and when the money was handed out. Case in point all information need to report 2007 tax credits on Openbooks was filed with OTC by Jan 31, 2008. Of the total now found on Openbooks - 10% appeared in Jan 2009, 42% October 2009 and 48% not until just recently. We know that does not include tax credits used for refunds - gross production, bank privilege and insurance premiums. View
It didn't stop there, key features like providing totals were disable in the tax credit section of Openbooks. Forcing any interested in knowing the totals to manually visit and calculated 25 line items on 668 pages, to derive totals.
Refernces: 1) in Small Business Capital Formation Incentive Act 2357.60 thru 2357.65 and Rural Venture Capital Formation Incentive Act 2357.71 thru 2357.76; and Venture Capital 2357.7
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