Like the 1,000s of other pages of evidence uncovered and descriptions of crimes on this site, this web page is only one part of a massive multi-state entanglement of government corruption and cover-up. See size
Potential confusion with five tax credit programs structured for venture Capital investments or shared investment funds. Multi-levels and multi-threaded.
One of the five 68 2357.7 is named "Venture Capital." The other four fall under the "Capitial Formation Incentive Act." All five are similar in eligibility and reporting requirements.
The major differences are who has oversight and is allowed to use it.
Use of "Venture Capital" 68 2357.7 is restricted to funds operated by Bank of Oklahoma and Cimarron Capital. Cimarron Capital is owned by a private party Robert Heard was given oversight of both "Venture Capital" 68 2357.7 and the Oklahoma Capital Investment Board 74 OS Sec. 5085.1 - 5085.7. Starting 1987, Robert Heard was given the first a series of sole-source contracts all expenses and $100 million tax credits to use to secure bank loans to invest half in other states.
This is the situation after the 2009 cover-up. Even then, what was misreported was delayed by two or more years.
|(1) Five of the tax credit programs are structured "Venture Capital Capital Company's (CAPCO)"|
|(2) Capital Formation Incentive Act" (CFIA).|
|(3) Credit For Venture Capital Investments (68 OS Sec. 2357.7) usage is restricted to Bank of Oklahoma and Cimarron Business Capital. The program and is managed by a private party Robert Heard who owns Cimarron Business Capital.|
|(4) Oklahoma Capital Investment Board Tax Credit (OCIB). Controlled by Robert Heard, a private party operating under a public trust. The state is out of the picture and not allowed to audit. At least that is the excuse used.|
|Tax Credit Types||Issues||State Statutes|
|7 or 63 tax credits missing or misreported in Openbooks available via data.ok.gov|
|Five of the 63 Tax Credits are Structured for CAPCOs(1)|
|Small Business Capital Credit - CFIA(2)||Misreported||68 OS Sec. 2357.62|
|Small Business Venture - CFIA(2)||Hidden & missing reports||68 OS Sec. 2357.63|
|Rural Small Business Capital Credit - CFIA(2)||Misreported||68 OS Sec. 2357.73|
|Rural Small Business Venture - CFIA(2)||Hidden & missing reports||68 OS Sec. 2357.74|
|Credit For Venture Capital Investments(3)||Misreported||68 OS Sec. 2357.7, .8|
|Oklahoma Capital Investment Board Tax Credit(5)||Missing most years||74 OS Sec. 5085.1 - 5085.7|
|Oklahoma Investment New Jobs Tax Credit(4)||Misreported||68 OS Sec. 2357.4|
|Tax Credits Swapped for Tax Refunds or Used to offset paying|
|Gross Production Tax Refunds||Hidden & missing reports||68 OS Sec. 1001|
|Excise Tax on Petroleum oil Tax Refunds||Hidden & missing reports||68 OS Sec. 1101|
|Excise Tax on Natural Gas Tax Refunds||Hidden & missing reports||68 OS Sec. 1101|
|Tax Credits Used to Offset Paying|
|Insurance Premium Tax||Hidden & missing reports||36 O.S. 624 and 628|
|Bank Privilege Tax||Hidden & missing reports||68 O.S. 2370|