Altus Venture $126 million View
Scissortail $90 million View
Foxborough $300 million View
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Venture capital (also known as VC or Venture) is a type of private equity capital typically provided to early-stage, high-potential, growth companies where the rewards are years out and carry a high risk. Venture capital is a special kind of funding to create a foundation for building the businesses that will replace today's diminishing industry and jobs. Oklahoma's venture tax credit program was intended to incentivize that venture capital funding needed by rewarding investors tax credits worth 20 to 30% of their at risk investment. |
OTC is disregarding a law intended to allow the public access to certain information. Information that is made available includes errors, inconsistencies and omissions that render the information meaningless and deceptive.
Below is one example of inconsistencies in reporting. Three different 2007 reports "Tax Expenditure Report", "OpenBooks" and the "CAPCO Report." All of which should report the same info. The "Tax Expenditure Report" is one of two sources of this information provided on "OpenBooks." The "CAPCO Report" is a separate document. OTC provides these reports without any explanation to help users understand what they are seeing and certainly no explanation for why such large discrepancies. This is deception by default and one of the means to deny the public the truth.
The Taxpayer Transparency Act requires OTC provide the identities of the investors on OpenBooks. OTC is failing to meet this law by substituting the identities of those using the tax credits which may or may not be the same. The identities would definitely be different in the cases that tax credits were sold (referred to as transferred). We know that none of the known names of fund managers appear. That would be highly unusual and suspect in the world of investment where a fund managers failure to invest their own money would be viewed as no confidence in their own plan. Scaring off potential investors.
OTC's groundless claim
OTC is claiming the Freedom of Information Act prevents providing names of investors and amounts invested as required by the Taxpayer Transparency Act. OTC does post the identities and amounts of the tax credits users. The OTC post the identities and amounts for other programs on OpenBooks for all other . There we can find the names, dates and amounts paid to state employees, vendors and lottery winners.
| Tax Expenditure Report | OpenBooks | Capco Report | |
| Small Business Capital Cos |
$2,794,369 | $4,905,961 | $8,282,803 |
| Small Business Ventures |
Not reported | Not reported | $4,280,000 |
| Rural Venture Capital Cos |
$3,529,952 | $17,556,597 | $47,866,078 |
| Rural Venture | Not reported | Not reported | $26,354,104 |