Tax Credit Program: $192,000 Per Job!
Michael McNutt of The Oklahoman is out today with a stunning report on the state's tax incentive programs. He reports that two tax credit programs created 1,428 jobs from 2007 to 2009 and cost $192,000 per job.
A part of McNutt's report:
The state lost more than $275 million in revenue through tax credits that were issued the past three years under two incentive programs that offer investors 20 percent or 30 percent tax credits on investments in qualifying projects, according to a report released by the Oklahoma Tax Commission.
Tax credits totaling about $200 million already have been cashed in, but $74.8 million remain outstanding that can be used to reduce the liability of taxpayers who obtained the credits, according to the report.
The report shows about $61.5 million in tax credits were used in 2009, the most recent year tax information available.
The Tax Commission report shows the two tax credit programs resulted in creating 1,428 jobs from 2007 through 2009. That amounts to about $192,000 per job.
Read more: http://newsok.com/more-than-275-million-in-tax-credits-used-by-two-programs-during-a-three-year-period-report-shows/article/3612937#ixzz1aeWgSun5