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A "Phantom Tax Loophole", keeps reappearing in Oklahoma. Another $500 million disappearing in this latest appearance.
In 2006 state legislators were writing new legislation to, for the second time, close a tax loophole being used to take
$100's millions in excessive tax credits.
They failed again! Let's look at what happened.
Rep Kevin Calvey chairman of the House Revenue and Taxation Committee, a key position to influence the content of the
new legislation, received a donation of approximately $40,000 for his US Congressional campaign fund from key figures in
Altus Ventures, the biggest known tax credit abuser.
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The loophole used by Altus Ventures remains! The abuse has increased.
Nearly $500 million more since it was supposedly closed the second time.
Yes the second try at closing?
Sen. Ted Fisher, who authored the original venture capital tax credit legislation containing the loophole was
for the second time, in 2006, sponsoring legislation, to close the loophole was quoted as saying-- "the abuses started after some
unknown person "tweaked" the law, and he failed to notice.
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Why does it take so long to learn the loophole is still open?
The state's best kept secret. The law creating the program also requires all information about the program be held in
secret preventing both the taxpayers footing the bill and state lawmakers. Preventing anyone from knowing how much is being taken
or how it is done. Not until for some reason information on a case of abuse leaks out. That usually doesn't happen until
some of those involved, and close enough to know the details, feels they have been wronged. Or, in the case of
Capital West Securities inadvertenly sending letters to the wrong people.
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Even then state officials simply ignored the obvious.
What about the 2007 Taxpayer Transparency Act?
Stumped again. Now we have learned state officials are using a flimsy excuse to avoid showing any past information,
delay showing any new information, while working behind the scenes to permanently remove all information related to these programs
from the Taxpayer Transparency Act.
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