Ongoing investigations have uncovered, $1.3 Billion of Oklahoma tax collections have been skimmed off the top, and off the books. $1.3 Billion is only part of 2007 and 2008 tax credits allowed for undocumented investment claims; less than 10% for 2009, and part of 6 of more than 40, 2006 tax credits. Seven programs are responsible for $1.2 Billion of the $1.3 Billion. For new details, including identities and amounts click here.
To put this in a perspective most can relate:
Note: It should be pointed out that while, Biomedical Research tax credits are for donations to non-profits; the larger programs are allowing multi-millions in tax credits for loans to non-profits. At least, Biomedical Research donations serve the intended purpose and don't have to be paid back, with interest. Those interest bearing secured loans, claimed as high risk venture capital investments, are one of a wide variety of schemes used to hand out unearned tax credits.
Any pretense these programs are intended for anything other than crony welfare, are clearly exposed by not only the aforementioned, but the following which is a partial list of other evidence. Situations that serve no purpose or benefit for the public or business growth, rather the opposite; to undermine economic growth, and the public interest; for the personal benefit of those receiving $Billions in public funds.
The question is not: are government officials benefiting, but how many, who and how much? The programs were setup and are used in a way investors are shielded from having knowledge their investments are tied to tax credits. This also means government officials are prevented from learning if their private investments are, in fact, tied to tax credits. With enough tax credits for 26,000 people in Oklahoma to receive $50,000 each, and not one state officials knowing which investments are benefiting. The likelihood is virtually a certainty. Too convenient, and the law doesn't accept deliberate ignorance as a defense.
Legislative committees responsible for oversight and task forces created to oversee and evaluate tax credits; have repeatedly rejected evidence, in favor of providing a platform for those involved and benefiting to praise the benefits; providing the press with article material. The committees, task forces, or media, never questions or challenges, claims.
Note: (1) Average and averaging - single entities, such as LLC's are used to shield the identities and amounts received by multiple straw investors.