Rep. Dank will push to end transferable tax credits
Published: September 7th, 2011
State Rep. David Dank, in charge of the task force studying tax credits, business incentives and similar programs, said today (Wednesday, September 7) he will seek to end transferable tax credits.
Dank made the disclosure in an exchange with two reporters during the lunch break of the Task Force for the Study of State Tax Credits and Economic Incentives. The panel today was focused on investment tax credits in its morning session, and planned to scrutinize the Quality Jobs Act during its afternoon deliberations.
Dank said he has asked legislative staff to draft language to end the transferability provisions, which allow the sale and transfer of tax credits from original applicants to other business interests. His comments came after he was asked if there any steps he had decided upon after the first few weeks of the task force’s meetings.
The Oklahoma City Republican said the task force and staff is in the process of creating “a matrix” of the complexities and provisions of the state’s tax credits and incentives. He predicted there will be a push to end some of the programs, but “I don’t want to prejudge before all of the members of the task force have their opportunities to make recommendations.”
Rep. Dank has said he believes some existing credits (but not all) are “constitutionally infirm,” in addition to being bad public policy.
Dank indicated he will push for further disclosure of business participants in tax credits and other incentives. He said, “I just have this very clear view that the taxpayers deserve to know who is benefitting from the programs they finance with their taxes.”