OKLAHOMA CITY (AP) The head of a state House committee that's scrutinizing millions of dollars in business tax credits questioned Wednesday the growth in credits used by insurance companies and whether the state should be reimbursing counties and schools for tax revenue lost when property owners take exemptions.
Rep. David Dank, R-Oklahoma City, took particular aim at the home office tax credit, which he said is granted to insurance companies based in the state that employ a certain number of workers. The home office tax credit grew from about $8.5 million in 2006 to almost $17 million in 2012, he said during a meeting of the House Tax Credits and Economic Incentive Oversight Committee.
"We don't know who these employees are. Do they really work in a home office or do they count agents and other employees?" Dank said. "There is no pre-approval. We basically take their word for it in many respects."
Frank Stone, assistant commissioner of finance for the Insurance Department, said tax credit applicants must fill out a form that requires documentation for the deductions.