Oklahoma's $billions in hidden tax expenditures!
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Tax Reality For Dummies

The below charts reveal discrepancies found in the Oklahoma Tax Commission's $5.4 Billion plus per year Tax Expenditure reporting. $5.4 Billion is the total for the 150 of the 500 programs listed, plus well documented parts of what has been uncovered. The charts below addressese the discrepancies found in 38 of the programs, which documents could be obtain to examine. More that 80 of the programs are tax credit programs, many which the tax credit recipients are allowed to sell the tax credits for cash. We have also found tax credit programs that have never appeared on Tax Expenditure reports or Open Books. Still more than one-half the tax credit programs and 350 programs total remain unaccounted .

Two key programs OTC keeps hidden are the Small Business Ventures (SBV) and Rural Small Business Ventures (RSBV) tax credit programs. Not to be confused with the Small Business Capital Company (SBC) and Rural Small Business Capital Company (RSBC). $281 million in SBV and RSBV tax credits have been allowed for mostly false claims of investing $951 million. Not one nickel of those tax credits can be found on any OTC Tax Expenditure or Open Books report.

$281 million in tax credits totally unaccounted for in only two of the 500 programs.

TER 1  v  Open Books 2 and Uncovered 3
Capco Reports 4
 
Tax Credit reported 5
SBC and RSB 6
 
 
Amounts in $Millions
 
   
$370
 
   
 
$112
 
 
$68
 
$168
 
 
 
$90
 
TER
Uncovered 6
 
   
Total
$98
   
   
$19.8
 
 
$4.8
 
$40.6
 
 
 
$38
 
TER
Uncovered 6
 
     
   
$251
 
 
$90
 
 
OTC Capco
Uncovered 6
 
 
 
State Insurance Dept Insurance Premiums
OTC withheld reporting on Open Books
OTC reported on Open Books
OTC Tax Expenditure Reports
OTC Incentive Review Capco report
Released version 7
 
Cleaned up version 8
1. TER - Tax Expenditure Reports   5. Tax Credit reported 38 programs
2. OB - Open Books   6. SBC Small Business Capital and RSBC Rural SBC
3. Uncovered - Compiled from other state reports   9. Discrepancy ridden and missing information
4. Capco Reports   10. Cleaned up version

Examinations were limited to available state documents. Until 2006 only Tax Expenditure reports were available. Capco reports first appeared in 2006 and Open Books in 2007.

More on Tax Expenditures Tax breaks increase along with state's revenues - Tulsa World




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