[CORRECTION to a Newsletter Item! The post below appeared in the latest OK-SAFE Newsletter, dated 10/15/12. The original copy read that 629 COMPANIES received Quality Jobs Incentive payments. This should read that there were 629 PAYMENTS made to companies. We apologize for any confusion and appreciate the opportunity to make this correction.]
OK-SAFE, Inc. – Plenty has been said about subsidizing a basketball team in OK. Does anybody really think companies like Chesapeake, Halliburton and Wal-Mart need to be subsidized as well?
Conducting the research on the state questions dealing with ad valorem taxation, and corporate exemptions, we spent some time on the Oklahoma Tax Commission (OTC) website.
The OTC publishes a series of reports, including one entitled Quality Jobs Incentive Payment Report. This annual reports lists all those specially designated industries/companies that qualify for a taxpayer funded “incentive payment”. Bottom line, your tax dollars are being used to reduce certain companies’ operating costs.
A few out of the 629
companies payments made by the Oklahoma Tax Commission, as listed in the 2012 report, are:
- AAA – $926,855
- Boeing – $573,559
- Chesapeake Operating Inc. – $7,148,048
- Conoco Phillips Co. – $4,749,758
- Halliburton Energy Serv. Inc. – $2,026,636
- Sandridge Operating Co. – $6,575,091
- Spirit Aerosystems – $4,281,325
- The Professional Basketball Club LLC – $3,192,226
- Wal-Mart Stores East – $1,064,886
Several of the payments go out of state. The 2012 Quality Jobs incentive payments totaled $68,904,917.39.
It would be interesting to cross-check those industries that are seeking additional tax exemptions with those industries also receiving Quality Jobs incentive payments.
Lots to consider when it comes to tax questions.