OKLAHOMA CITY (AP) — Oklahoma doles out hundreds of millions of dollars each year to companies in the form of tax credits and other incentives with little oversight or transparency, and there's no way of knowing exactly how much it's costing the state, a lawmaker complained Wednesday during a task force meeting.
Rep. David Dank, who co-chairs the panel studying tax credits, said he hopes the task force recommends that all state tax credits undergo some form of approval, control and accountability that includes a cost-benefit analysis for the state.
"One thing we have determined is that almost without exception, many of these tax credits have no caps," said Dank, R-Oklahoma City. "That's like handing the keys to the car and a credit card to a 16-year-old boy and saying, 'Have fun, son.' But that family is ultimately going to have to balance the budget he wrecks."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
