What tax credit fraud has already cost Oklahoma

State officials are hiding behind privacy laws, refusing to reveal, how much has been taken in tax credits by venture capital companies claiming to have invested in various business ventures. At least $850 million. Approximately 6% of the state's annual budget. Likely more but state officials refuse to release information on the usage of the "Capital Formation Incentive Act."

In addition specific details on three tax credit programs, all failures, have came to light. -

Altus Ventures scammed $66.3 million from the state, on tax credits alone, using Quartz Mountain Aerospace as a business venture under the pretense 300 jobs would be created. With in a few short years, filling less than 100 qualifying jobs Quartz Mountain Aerospace suddenly exhausted funding and layoffs started.

Cost to the state tax payer: $660,000 per each job lasting but a few short years. Based on the programs standard $66.3 million should have created 5000 permanent jobs! More details on Altus Ventures's Quartz Mountain Aerospace tax credit scam.
Rocketplane: Oklahoma subdizing a thrill ride for the wealthy and a Texas wedding. State cost $18 million. Delay after delay. View
Great Plains Airlines. State cost $27 million. Went belly up. View
OK Tax Commission Determination Letters. Another $330 million shortly after the loophole was supposedly closed. View
Capital West Tax Credit Letter. Another $300 million a year after the loophole was supposedly closed. View

Compared to all other crimes

This scam has defrauded more money than has been wrongly taken by all the people ever incarcerated, in all Oklahoma prisons and jails, for all crimes of robbing, stealing, thievery, cheating, scamming and such, since before statehood! Note

How much is this costing education?
Teacher pay	$15,000	51,267 teachers
Funding increase per school district	$1.5 million	540 districts Note: Census ranks Oklahoma 47th in school funds

In poor highways and dangerous bridges repair cost.
Pave miles of roads	2,475	One in every 3.5 miles of paved roads in Oklahoma. In terms easier to relate to, enough money to repave all four lanes of I-35 from the Red River to the Kansas border (235 miles), and I-40 from the Texas to Arkansas (325 miles), and every toll road in Oklahoma (600 miles), and and still have 40% of the money to pave a major portion of all the 2 lane roads in the state.
Repair bridges	1,642	Oklahoma has about 1,100 bridges that are structurally deficient, and nearly 500 others are functionally obsolete. This money would take care of every bridge in Oklahom in need of repairs. And, still have 40% of the money left over.
Deaths & Injuries	????	In addition to vehicle damages private, public, school buses.

Reference

Airline's bankruptcy costs state million Reference

Great Plains Airlines Reference

Rocketplane Reference

Transportation Road and Bridges - Extrapolation Reference

Oklahoma education figures

Oklahoma State Department Of Education - 2005-2006 school year

Crimes and Incarceration

Extrapolation from US prisoner counts and crime losses

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