OKLAHOMA (May 15, 2008)

Announcing the release of new information exposing hidden tax credit abuse causing tax revenue shortfalls!

Taxpayers are losing $100s millions in tax revenue, much of which can be recovered with timely action.

The Website prowlingowl.com devoted to exposing tax credit abuse in Oklahoma has updated information showing the law, SB 1577 passed in 2006, creating the Capital Formation Incentive Act, to supposedly close a tax credit abuse loophole allowing fraud.

However, the act did in fact widen the loophole resulting in even far greater losses. Evidence has surfaced suggesting as much as $660 million more in tax revenue was diverted into unidentified private accounts within the first 18 months after the passage of SB 1577.

The law does nothing to prevent state and elected officials from benefiting, yet requires these same officials to hide the identity of those benefiting.

Unknown private entities are allowed to exploit the law using financial shell games and take 200% of claimed investments instead of the 30% as prescribed by law. Then sell the tax credits in turn for cash. The public not only funds the entire cost of the investor's investment, but pays the investor's 100% profit on the investment the public funded.

The law includes the requirement that state officials keep hidden all information about the program, including among other things how much the public is losing in tax revenue, what the money is used for, the identities of the business ventures and those receiving the tax credits, and any results.

The law left the program totally void of oversight, monitoring, review or accountability. By failing to assign responsibility of the program to any state agency or official the public has been stripped of all protection against wrong doing.

Complete details can be found at

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