Who received tax credits for years 2006, 2007, 2008 and 2009 View or download
Click the above links to view Capco tax credit reports the Oklahoma Tax Commission creates for the state's "Incentive Review Committee." The Capco reports purportedly list the names of the Capco investment funds, investor and target business ventures receiving tax credit elibile investments.
Oklahoma has 4 tax credit programs, costing taxpayers $100s million, operating in such secrecy that few if any are aware the programs exist. It is doubtful that many are aware the state has more than 80 tax credit programs. The 4 super secret are: Small Business Capital Company (SBC) and Rural Small Business Capital Company (RSBC); and Small Business Venture (SBV) and Rural Small Business Venture (RSBV);
Only the SBC and RSBC can be found on Open Books. SBV and RSBC can be found on no state reports, except for the IRC Capco report where the two programs are mislabeled as amount invested in conjunction. Invested in conjunction is not the name of a program, but a term buried deep in the law that created these 4 programs.
Tax credits are 20% (Small Business) or 30% (Rural Small Business) of the total of:
"In conjunction" basically means an optional amount invested over and above what the Capital Company (CAPCO) has to invest to obtain the required minimum of 51% or more interest in the investment venture.
But, we have learned "in conjunction" is used as a way to hide names of investors. Only the identities and amounts invested through the CAPCO are broken out by the Oklahoma Tax Commission, and these are only LLCs. This is in direct violation of the Taxpayer Transparency Act or Open Books.