Timber company Weyerhaeuser Co. leads the pack in the amount of income tax credits for investment available in the past few years, but it has closed or sold mills
BY PAUL MONIES Oklahoman
Published: October 25, 2010
One of southeast Oklahoma's largest landowners has accumulated more than $54 million in state income tax credits, even though the company has closed or sold all but one of its manufacturing plants.
Weyerhaeuser Co. leads the list of income tax credit qualifiers since 2007, according to a tally kept by the Oklahoma Tax Commission and published on the state's Open Books website.
Also making the list are several executives affiliated with Nebraska-based Tenaska Inc., whose subsidiary owns a power plant near Kiowa. Together, those executives qualified for more than $23 million in state income tax credits.
The tax credits have piled up because the Oklahoma Investment/New Jobs tax credit allows businesses or individuals to take up to 20 years to claim the credits. The incentive allows tax credits of 1 to 2 percent of the cost of a new manufacturing plant or expansion.
The long timeline gives new companies time to get established and build profits, said Treasurer Scott Meacham... FULL ARTICLE
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Mon, October 25, 2010
by Crystal Drwenski