Bill To End Tax Credit Abuse Signed By Governor Brad Henry

OKLAHOMA CITY (AP) -- A bill to stop abuses in two state tax credit programs is signed into law by Governor Brad Henry.<br/><br/>The Oklahoma Tax Commission says the state has lost tens of millions of

Thursday, June 8th 2006, 6:14 am

By: News On 6

OKLAHOMA CITY (AP) -- A bill to stop abuses in two state tax credit programs is signed into law by Governor Brad Henry.

The Oklahoma Tax Commission says the state has lost tens of millions of dollars through abuse of the Small Business Capital Formation and Incentive Act and the Rural Venture Capital Formation Incentive Act.

Officials say the way the program has been used, investors got huge tax credits without necessarily providing any economic benefit to the state.

The Associated Press first reported on March 8th that investors were getting a higher return than intended under the two programs.

The Tax Commission at the time estimated state losses for the 2005 calendar year could hit $66-million.