Thursday, May 25, 2006 Panel Backs Plan To Close Tax Loophole
By The Associated Press
(excerpt)
A bill to block a tax credit scheme that is costing the state tens of millions of dollars was signed out of a joint House-Senate committee late Wednesday
Under two tax credit programs passed a few years ago, venture capital investors are supposed to get a 20 percent tax credit for investing in startup businesses in urban areas and a 30 percent credit in rural areas.
Oklahoma Tax Commission officials say the programs cost the state about $2 million a year for the past three years, but that soared to an estimated $66 million for 2005. Read More...
Posted at 5/25/2006 07:53:00 AM
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