Worst known cases Reference news articles
$66.3 million in tax revenue taken by Altus Ventures and only $17 million has to be invested, leaving $49 million to divide as booty among unknowns!
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$330 million, given for multiple unidentified ventures in September/October 2006, and only $83 million has to be invested, leaving $247 million to divide as booty among unknowns! This $330 million was taken in a wrongful use of the Grandfather clause, slipped in the 2006 bill to supposedly fix the a loophole.
$600 million was promised in a private Capital West Securities letter investors for a Foxborough Funding Company LLC venture, and only $150 million has to be invested, leaving $450 million to divide as booty among unknowns!
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Tax credit letter causes public outcry
Two other cases kept hidden and details are skimpy.
Rocketplane
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Very little could be found on the Rocketplane program, in regards to the Tax Credit Abuse
issue. Yet evidence of delay after delay have been coming to the surface.
Rocketplane is an Oklahoma company trying to establish a commercial space flight business.
The company received $17.9 million in tax credits, but it's too early to tell whether
the ultimate tab for those tax credits will have to come from road and bridge money, Patterson said.
[Ref A110]
Great Plains Airlines
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Received $27 million in tax credits. Which they turned around and sold for nearly $23 million in cash.
And, filed Chapter 11 bankruptcy protection in January 2004.
Owl's notes:
At least $9 million of the $27 million in tax credits were sold to Bank of Oklahoma for $7.7 million
in cash.
$27 million is half a percent of the whole state budget. [Ref A109]
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