Gann: Is Oklahoma being sold down the river for CANOO?

Is Oklahoma Being Sold Down the River For CANOO? by State Rep. Tom Gann (R-Inola) It would appear so.  Leadership at the Capitol in Oklahoma City are scheming to compete for a “Mystery” company everyone says is a lithium battery manufacturer that would supply CANOO, an electric vehicle (EV) manufacturer. According to a 2/16/2022 article in CARBUZZ by Jay Traugott, CANOO is an EV startup company which had to use a shell corporation, to get listed on the NASDAQ stock exchange, prompting an investigation by the Securities and Exchange Commission. Recent financial reports by CANOO show the company lost 138 million in the last quarter of 2021 but found resources to fund political activities in Oklahoma City. In another reporting document, the State of Oklahoma through the Governor’s “closing fund” gave CANOO 15 million dollars and ordered 1000 of their electric vehicles. Scheme #2 is a proposal cloaked in “secrecy” using non-disclosure agreements, creating a barrier to hide behind when the questions get tough, with the local add on tax incentive called a Tax Incremental Financing District (TIF). Chouteau Schools is being asked to bear the weight of this TIF which diverts local Mayes County ad-valorem tax dollars away from its traditional use for local schools and county government for up to 25 years and channeling those taxes to the Mid America Industrial Park and “mystery company”. Recently the legislature of the State of Kansas passed SB347 a 1.3 billion dollar plus tax giveaway to have this same “mystery” company to locate in Kansas. The company would bring 4000 new jobs at $50,000 per year. That comes out to about $325,000 in tax giveaways for every $50,000 job.  This might look good politically, but economically it is insanity as Kansas could end up with a short fall in their budget.  Read more » by Jamison Faught - March 20, 2022 at 03:09PM

Gann: Is Oklahoma being sold down the river for CANOO? Click the title to read the entire article at Muskogee Politico