Oklahoma law specifically prohibits allowing tax credits for certain investments, including but not limited to "businesses engaged in banking, or lending or investing funds in other businesses."
What is really happening?
2007 "Venture Capital" tax credit program report, one claim.
2007 Rural Small Business Capital tax credit program report, one claim.
REI New Markets Investment claimed
Receiving an $850,000 investment from Komar Properties of Oklahoma
Investing $850,000 in Charles Komar & Sons, Inc
REI and Komar Properties got $1.7 million and possibly half again as much more. All we know at this point for sure is Cottonwood Valley Ventures would get 20%. However, Cottonwood Valley Ventures will get 20% of the more than $1 billion in investments claimed for the 3 year period 2006, 2007 and 2008. All to be invested in similar suspect deals. $800 million came in that questionable amendment Cottonwood claimed more than one year after the program supposedly ended.
How does that shake out? Like the following, unless there is something very unusual, held in secrecy. It would be hard to imagine what could be. This is public money and the public has the right to know!
REI New Markets Investments claimed investing under the Rural Small Business tax credit program, which uses another scheme to guarantee $2 in tax credits for $1 invested deals. See $45 million fraudulent out of state tax credit claims, involving OTC!
Charles Komar & Sons, Inc, gets $850,000 free and clear.
REI New Markets Investment and Komar Properties of Oklahoma split another $850,000.
Cottonwood Valley Ventures? At least 20% on this deal. Cottonwood Valley Ventures has claimed receiving more than $1 billion in investments for the 3 year period 2006, 2007 and 2008. Cottonwood Valley Ventures has been using this since 1987
2. For 2006, 2007 and 2008, the only years information is available. View claims.
Mesa Oklahoma Growth Fund, I, LP reported receiving tax credit investments from each of the following each year.McClendon Venture Company, LLC
The above three McClendon, TLW and Tercet; also filed claims, but the report does not show any of these disclosed investing in Mesa? That would not qualify, unless there was another very unusual situation pulled off. Also held in secrecy too.
That is just some small stuff overlooked in the cover up!
Income is not required to use these tax credits. OTC will issue tax refund checks, if needed.
Remember this was all uncovered from a program wrapped in secrecy, and there is more, much more coming soon! Isn't it about time we demanded sunlight? Or, just go along with cutting the budget more?
Our governor and lawmakers are so busy amputating limbs and removing vital organs, they don't have time to stop the bleeding of a major vein?
Watch dogs, or lap dogs? Who are our lawmakers and governor going to serve now?