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Confusing when generic terms
Tax Credits (15 of 63 types) and Tax Refunds (3 types), Missing or Misreported

Potential confusion with 5 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 eligiblity and reporting requirements.

The major differences is who has oversight and is allowed to use.

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 soucre 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.

  • Required key information has never been reported.
  • Tax credits and tax refunds were undocumented and no records of tax credits used.
  • Information reported was reported under different names and tax credits.
  • 20% data entry and spelling errors.

In summary

  • With 130,000 total names reported by Datagov (Openbooks), requiring computer searching & calculations, insures misleading information.
  • Given tax credits and tax refunds were undocumented and usage unrecorded. No one will ever know how much has been lost.
  • Five of these investment funds are multi-levels, multi-threads, and involve chaining - claiming the same funds were invested under multiple tax credit programs, including cross investing between venture capital and non-venture capitial tax credit programs.
  • Entangling further by cross reporting (Openbooks available via https://data.ok.gov/dataset) under the wrong programs, wrong names, wrong years, in addition to nearly 20% data entry and spelling errors.
(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 restrict to Bank of Oklahoma and Cimarron Business Capital. The programs 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 excuse used. (5)
Tax Credit TypesIssuesState 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)Misreported68 OS Sec. 2357.62
Small Business Venture - CFIA(2)Hidden & missing reports68 OS Sec. 2357.63
Rural Small Business Capital Credit - CFIA(2)Misreported68 OS Sec. 2357.73
Rural Small Business Venture - CFIA(2)Hidden & missing reports68 OS Sec. 2357.74
Credit For Venture Capital Investments(3)Misreported68 OS Sec. 2357.7, .8
 
 
Oklahoma Capital Investment Board Tax Credit(5) Missing most years74 OS Sec. 5085.1 - 5085.7
Oklahoma Investment New Jobs Tax Credit(4)Misreported68 OS Sec. 2357.4
 
Tax Credits Swapped for Tax Refunds or Used to offset paying
Gross Production Tax RefundsHidden & missing reports68 OS Sec. 1001
Excise Tax on Petroleum oil Tax RefundsHidden & missing reports68 OS Sec. 1101
Excise Tax on Natural Gas Tax RefundsHidden & missing reports68 OS Sec. 1101
Tax Credits Used to Offset Paying
Insurance Premium TaxHidden & missing reports36 O.S. 624 and 628
Bank Privilege TaxHidden & missing reports68 O.S. 2370

See all 63 tax credits and 3 tax refunds involved

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