Oklahoma corporate subsidies and tax breaks

[Townsend]

Oklahoma gives up amount equal to one-third of its budget to corporate subsidies and tax breaks

In the end, the money that towns across America gave General Motors did not matter. For years, mayors and governors anxious about local jobs had agreed to G.M.'s demands for cash rewards, free buildings, worker training and lucrative tax breaks. Yet at least 50 properties on the 2009 liquidation list were in towns and states that had awarded incentives, adding up to billions in taxpayer dollars. A New York Times investigation has examined and tallied thousands of local incentives granted nationwide and has found that states, counties and cities are giving up more than $80 billion each year to companies. For many communities, the payouts add up to a substantial chunk of their overall spending, the analysis found. Oklahoma and West Virginia give up amounts equal to about one-third of their budgets, and Maine allocates nearly a fifth.

http://www.nytimes.com/interactive/2012/12/01/us/government-incentives.html#OK

[Conan71]

Oklahoma gives up amount equal to one-third of its budget to corporate subsidies and tax breaks

http://www.nytimes.com/interactive/2012/12/01/us/government-incentives.html#OK

Did anyone do a study to see what uptick in overall tax receipts were after a large employer was landed to see if it's worth the payoff?

[sauerkraut]

Attracting business and companies to Oklahoma is always a postive thing. That's why Mary Fallin has Oklahoma booming, Oklahoma's economy is one of best around. She's pro- business. Oklahoma has 5% unemployment, under Gov. Henry unemployment was around 7%

[Hoss]

Attracting business and companies to Oklahoma is always a postive thing. That's why Mary Fallin has Oklahoma booming, Oklahoma's economy is one of best around. She's pro- business. Oklahoma has 5% unemployment, under Gov. Henry unemployment was around 7%

wow...again.

[guido911]

wow...again.

I agree with Sauer. If Obama can claim success for low unemployment numbers or the booming stock market, surely Fallon can claim success as well. Unless, of course, the reason why Oklahoma is low is because of whatever Obama is doing to help the state in which every county voted against him. (because we are racists of course).

Here are some figures.

http://www.deptofnumbers.com/unemployment/oklahoma/

[guido911]

Did anyone do a study to see what uptick in overall tax receipts were after a large employer was landed to see if it's worth the payoff?

I'd like to know that as well. Also, are there any extra tax breaks lying around for me???

[Oil Capital]

Oklahoma gives up amount equal to one-third of its budget to corporate subsidies and tax breaks

http://www.nytimes.com/interactive/2012/12/01/us/government-incentives.html#OK

For an alternative view on the matter of government incentives to corporations, see the New York Times:

"Mr. Obama needs to lay out the case that industry, with government help, can create hundreds of thousands of clean energy jobs. . . . Europe has encouraged the commercial development of carbon-reducing technologies with a robust mix of direct government investment and tax breaks, loans and laws that cap or tax greenhouse gas emissions. This country needs a comparably broad strategy that will create a pathway from the fossil fuels of today to the greener fuels of tomorrow."--editorial, New York Times, Jan. 2

[Townsend]

Bill Qualifies Tinker Jobs for Subsidies

http://kwgs.com/post/bill-qualifies-tinker-jobs-subsidies

OKLAHOMA CITY (AP) — About 1,300 jobs at a planned new aircraft maintenance facility at Tinker Air Force Base would qualify for state subsidies under a bill signed into law by Gov. Mary Fallin.

Fallin signed a bill this week to amend the state's Quality Jobs Program Act so that direct cash payments from the state can be made to a public trust. State commerce officials say the bill was specifically tailored for the new jobs being added in conjunction with the facility for the new KC-46A refueling tanker at Tinker.

The state subsidies will help defray Tinker's costs for a $44 million purchase of a 175-acre railroad yard from BNSF Railway. The rail yard will be demolished to make way for the new facility.

[Townsend]

Fallin Signs Bill to Adjust Oklahoma Production Tax

http://kwgs.com/post/fallin-signs-bill-adjust-oklahoma-production-tax

OKLAHOMA CITY (AP) — Governor Mary Fallin has signed a bill that increases an incentive for a 1 percent tax rate on horizontally drilled oil and gas wells to 2 percent and extends it to all wells drilled in Oklahoma.

Fallin signed the bill Wednesday after negotiations between the energy industry and the Republican-controlled Legislature.

The new 2 percent rate will apply to all new wells drilled after July 1st, 2015, for the first three years of production. After that, the rate will increase to the standard tax rate of 7 percent.

Opponents argued the incentive is too generous and will cost the state hundreds of millions of dollars in potential revenue, but Fallin and others maintain it will encourage increased drilling and energy production in the state.

Good thing.  I heard tell all drilling was going to cease in Oklahoma if it weren't for this.

[RecycleMichael]

Three consecutive years of record breaking profits for oil companies wasn't enough. We needed to double their tax break to get them to do their work.

Where is the outrage for more corporate handouts? Do we not speak up because we are all tainted by oil?

[nathanm]

Where is the outrage for more corporate handouts? Do we not speak up because we are all tainted by oil?

Con artists' victims rarely speak up while the con in still in progress.