Rural small business tax credits in Oklahoma lacked transparency

Many say the rural parts of the country are the most economically depressed in the current period of recession. This is why the state of Oklahoma was so quick to support a Rural Small Business program.

The Rural Small Business Program offered entrepreneurs in the state of Oklahoma hundreds of distinct tax exemptions. Now, TulsaWorld.com reports that the Senate General Conference Committee on Appropriations voted to eliminate the Rural Small Business tax credit program.

Some officials are outraged because they worry this will eliminate the incentive for countless entrepreneurs to start agricultural business types. Senator Kenneth Corn told the source this vote will jeopardize the formation of a number of companies set for later this year that could have created 15 new jobs at $40,000 a year.

Still, the tax credits have come under criticism because opponents say they lacked transparency. Officials decided the credits were not needed for companies to stay in business.

Hopefully, the loss of the rural tax credit program can be countered by the tax credits that come with business incorporation. Entrepreneurs in Oklahoma – and across the country – may find that even in trying times, they can benefit from the business tax credits that come with formal entities.