Oklahoma's Capital Formation Incentice Act. CAPCO on steroids.

This site exposes Oklahoma's fraud ridden tax credit incentive program created by lawmakers so state officials and their cronies can take tax credits for future years and immediately sell for cash. With this scheme the program operates without oversight and accountability; the money never appears on state accounting records and does not appear on the state budget. The only evidence is when the state experiences unexplainable tax revenue shortfall, state officials can blame on the economy or a variety of other reasons.

This program has been cloaked in secrecy preventing the public and state lawmakers from knowing (for different) how much the program was costing or who was receiving the money. The first definitive appeared with barely a whisper this spring (2008) when state finance officials revised 2008 corporate income tax projections down from $450 million to $284 million and even further for 2009. A whopping 37% reduction a time Oklahoma was riding the wave of an energy induced economic peak. This didn't include the larger drop in personal income tax for the wealthy which is not broken out from all personal income taxes.

Those involved in the scheme receive and sell the tax credits immediately after filing a statement of intent. There are delays of as much as 2 years before the first start showing up as lost revenue. Then another 3 years minimum, typicall more before all are used. With the secrecy it will take many more years possibly 5 to 10 years before the impact is so overwhelmingy obvious the general public will finally realize something is amiss. By that time the public will be totally helpless. Lawmakers include language in the law that prevented the state from recovering the money. To make matters even more insulting the maximum punishment allow if any are later convicted is - are you ready for this - they will no longer be able to participate. That is after lawmkakers and other state officals have potentially benefited by several million each. They will not be allowed to have more, but they can keep what they have.

We have included a series of news articles describing the public out cry in 2006 that pressured state lawmakers and the governor promise to fixe the loophole. Key media news articles

Then we will show evidence that started to appear showing the abuse had significantly increased rather than ceasing. Evidence of at least $1 billion more since the loophole was claimed to be closed.

We divide the story into categories to follow the flow of a very complex scheme.

Recent press releases