Update Weyerhaeuser's tax credits have double to $109 million,
while employment drops from 165 to 162 employees.
New evidence reveals Tony Mastin, head of the Oklahoma Tax Commission has failed to post key information, substituting incorrect informaion, and delaying reporting information that is posted by as much as at least 2 years. The first information to be reported was for 2007, and was required to be reported November 2008.
The total for 2007, as of November 2010 is: 10% of 2007, was reported November 2008; 42% of 2007, was reported November 2009; 48% of 2007, was reported November 2010. The actual total will likely never be known.
With only two years of Weyerhaeuser tax credits reported, Weyerhaeuser could have been receiving $54 million plus per year since tax credits were firest introduced. With no legitimate reason, the officials hiding rather than reporting as required; the public should assume Weyerhaeuser has been getting more tax credits annually.
Weyerhaeuser used $109 million in Oklahoma Investment/New Jobs tax credit for 2007 and 2008. An eye catching number for any program, and especially for the program claimed. This opens more than one door into what is happening.
Other evidence suggests the program "Oklahoma Investment/New Jobs Credit" is being used to hide tax credits taken under the more lucrative and controversial programs being watched. OINJC, is off most radars offering a minimal 1 or 2% tax credits compared to the abusers/ program of choice Rural Small Business Venture Capital, which pays 30%. Yet $271,323,360 went to OINJC? It is so easy to slide other programs over to an off the radar program, when you hold everything in secrecy. Let's see what is so obviously suspicious about Weyerhaeuser's $109 Million.
OINJC allows tax credits equal to the larger of 1% of the amount invested or $500 per new employee during a year. The tax credits double to 2% or $1,000 per employee if the investment exceeds $40 million.
Weyerhaeuser headquarters' website shows they have 162 employees, down from the previous 165 employees in OK and spent a total of $160 million in major capital investment spending, and paid $3 million Oklahoma in taxes for the 5 year period 2004-08. The tax credits in question are for 2007 and 2008, only one of those 5 years. This is so far out of whack, we can assume worst case scenario that Weyerhaeuser invested the entire $160 million in 2007 and 2008.
This is still so obvious we don't even need a pencil and paper. $3.2 million is tops and falls more than $106 million short. We won't run the exercise, but owing $109 million in income tax for two year and only paying $3 million in all state taxes for the entire 5 years, looks suspicious too.
Where are the $109 million in new jobs? It is the secrecy, stupid!