OKLAHOMA (June 3, 2008)

OK officials reaping huge profits selling tax credits

But, nothing illegal is occurring? At least according to state officials. They tried their best to make it not illegal!

At least $830 million and growing! Is it legal? Is it right?

A program operating with full autonomy! Eliminating possible conflicts of interest on the part of any state official! Not included in any budget! A program shrouded in secrecy! No one knows how much, where the money is going or who is involve.

Why would state officials not participate and reap huge windfall profits?

The Capital Formation Incentive Act conceived as an investment incentive program was created void of oversight, review, accountability or the requirement to return anything of value to the public.

The investments are subsidized by tax credits and operated by unidentified private entities, i.e., - oddly qualified Venture Capital Companies. The VCC's who retain all ownership in the investments have unchecked authority to take unlimited tax credits equal to twice the actual investment. The tax credits can be immediately sold and the proceeds used to fund the entire investment plus return the so called investors a 100% profit. $100s of millions in profits to quasi-investors who have contributed nothing and risking not one dime!

A program free to operate as long as state officials see nothing illegal occurring!

A documented example is the Quartz Mountain Aerospace project where Altus Ventures is the Venture Capital Company. View

Kevin Calvey, chairman of the House Revenue and Taxation Committee, was a candidate for US Congress during the time was working on a bill to supposedly close the loophole allowing the abuse of tax credits to gain huge windfall profits. Members of the investment community outside Calvey's state and district including, Altus Ventures' executives donated roughly 75% of Calvey's total campaign donations in his 2006 run for US congress. 75% was 10 times what the other 3 major candidates received from the same category of donors.

The abuses through the loophole have significantly increased costing the public at least another $630 million since the changes went into effect.

Still we have only touched on part of the total story.

Specifics and verification can be found at http://prowlingowl.com (a companion subset of http://ProwlingOwl.com) created to focus on exposing of Oklahoma's massive tax credit abuse.

Complete details can be found at

http://prowlingowl.com
Email: nite@prowlingowl.com