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
Dissecting Oklahoma's Capital Formation Incentive Act
We provide the entire context of the law here, however if you prefer you can download an official copy of the Act from the Oklahoma state Website and follow along. Download
This is a draft version with much more to come.
| The cover-up. |
Denying the public the right to know. Section 1.C.27See where the law strips the public of its constitutional protection against wrong in government. Kept hidden from the public, all state officials, lawmakers, including but not limited to how much the program is costing the public, where the money is going, who is involved, who is benefiting, what if any benefit the public is receiving. |
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| Limiting who can participate and benefit to ????? |
Odd Venture Capital Company qualifications By establishing qualifying criteria unrelated to the core needs and performance of venture Capital success the law eliminated every successful Venture Capital Company known to exist. By disregarding any meaningful criteria and background checks for past financial wrong doings in favor of applying non germane eliminates all but a very small few, possible one. Placing the states entire economic funding program in the hands of highly questionable and non proven parties. Section 2Section 20.C None organized after to January 1, 2001 |
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| A public subsidized monoply | The law restricts ownership of the venture to the ????? venture Capital sole or few oddly qualifying VCCs | ||||||
| Grandfathering |
Section 25 Rural Capital Formation Incentive Act Shown elsewhere were this was abused to slip in another $330 million in tax credits. The so called "Grandfather clause." As written is reasonable, but was used as a cover for misuse. |
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| Only required to invest 50% |
Section 5 |
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| What does Oklahoma get? |
Section 2.B.2.d fifty percent (50%) of the proceeds of the investment for the acquisition of tangible or intangible assets which are used in the active conduct of the trade or business of the Oklahoma business venture. Only 25% or one-fourth of the money taken in tax credits are required to be invested in Oklahoma. Only 12% or one-eigth of the money taken in tax credits are required to go to creating jobs in Oklahoma. Section 2.B.2.d 12 % or one-eighth of the tax credits Means on 25% of the tax credits are required to go toward creating jobs Only required to actually invest 50% of the investment Only 50% of the employees Section 5 |
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| Rural small business Capital |
Section 19 Section 20 |
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| Basic Tax credits allowed |
Section 19.B 30% allowed for Rural Capital Formation Incentive Act Section 20.B 30% allowed for Rural Capital Formation Incentive Act |
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| Period tax credits can be carried forward |
Section 19.B Accelerated from 10 years to 3 years |
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| Reports | Section 1.D & E Section 3 Section 4.B & E Section 27 | ||||||
| Determination Letters |
Section 21.F All Section 24 Rural Capital Formation Incentive Act |
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| Definitions | Section 21 New Defines qualified rural small business Capital company and rural small business venture | ||||||
| Definitions | Section 18 Rural Capital Formation Incentive Act | ||||||