In an interview with CapitolBeatOK after his presentation, Bell said he had, with others, saved about $300,000 in state income tax liability, with $62,000 of that still to come in the current year.
In his speech, Bell said, “It’s the transferability that’s the big problem. If we’re going to do something, let’s do it for everybody. This has been ‘good’ for me, but I didn’t feel right about it.”
He said the transferability provisions began under Democrats like former Senate President Pro Temp Ted Fisher. Bell maintained, “the insurance industry has made me look pretty small” in comparison. Bell announced, “I will not be buying any more of these, but doing so gave me this opportunity. I’m not here to defend myself because I’m not sure I’m worth defending.”
Bell made it clear he believes that the money he and others have saved through these devices would have better been spent “on education and other needs.” He encouraged the task force to continue its work. He made clear he supports credits that benefit worthy purposes, but considers the transferability provisions unwise.
In a brief and cordial exchange with CapitolBeatOK, Bell said he appreciated the opportunity Dank gave him to address transferability issues, and that he believed the task force was “on the right track.” The panel consists of a bipartisan group of legislators and several statewide elected and appointed officials. The group’s formal name is the Task Force for the Study of State Tax Credits and Economic Incentives.
Dank last month told CapitolBeatOK he had asked legislative staff to prepare legislative language designed to end the transferable tax credit programs.
