OKLAHOMA CITY – The Task Force on State Tax Credits and Economic Incentives heard presentations on some of the state’s largest tax credits and incentives today.
State Rep. David Dank, chairman of the task force, said the task force is concerned that the Oklahoma Capital Investment Board Tax Credits are being used by out-of-state businesses when they were created to bring jobs to the state.
|Rep. David Dank|
“I think we’re finding out that there are far too many dollars that are being invested in companies and corporations outside the state borders,” Dank (R-Oklahoma City) said. “I think these are the things we are going to have to focus on.”
The Oklahoma Capital Investment Board has made commitments to 19 venture funds. More than $130 million has been invested. Dank said the board will have to do a better job of demonstrating exactly how those funds have been spent if it expects to receive future funding.
“I don’t think they have been able to really show the results of who, what, where, when and why,” Dank said. “I don’t think they’ve been able to provide that information and I think they’ve come up short. I think we have a lot more questions to have answered before we would even consider allowing them to continue to use taxpayer dollars.”
The task force also examined the Small Business Venture Capital Formation Incentive Act and the Rural Venture Capital Formation Incentive Act.
“We want to be able to understand in detail how each and every one of these tax incentives are being used and how they have benefited Oklahoma,” Dank said.