State officials reasoning for withholding information on the "Capital Formation Incentive Act"?
Potential investors would be reluctant to invest. An argument totally opposite of what evidence demonstrates. -
Those opposing release of information related to the infamous tax credit abuse claim the Taxpayer Transparency Act only authorizes the release of personal investor information gathered after the act went into effect November 1, 2007.
First and foremost the Taxpayer Transparency Act does not require the release of personal investor information. Only information about the venture capital companies and the ventures. -
This is an act of making a false claim by misrepresenting the act to delay any reporting until state lawmakers can meet and prevent any disclosure.
Even if that claime were true it would still be the equivalent of amputating an arm to cure a scratched finger where a simply band aid is more than adequate. Private information is but a very small fraction of the total body of information about the program. Examples,
None of the above involves the release of any personal information!
Case in point, the so called investors are prevented from investing directly in the venture.
The law dictates that the ownership must remain with the
venture capital company. The investors invest in the venture capital company. This allows the venture capital
company to avoid revealing certain information about its investors. The key, what else are they trying to
This simply another maneuver to prevent the public from access to information on a fraud.
Very important facts to understand about the "Capital Formation Incentive Act".
By law only the venture capital company can hold ownership in a venture. This is one of the misleading aspects of this program.
The program when th roughly understood is significantly different than what the public has been led to understand. Leaving the public unaware of the significance of what is being withheld.
Oklahoma's Open Books or Taxpayer Transparency Act
See law with missing items highlightedView
Challenging state officials vague and insignificant reasoning for blocking public access to certain information. View