Coburn Questions Skirvin Hotel Federal Tax Breaks
Coburn tax credit report includes Oklahoma City’s Skirvin Hotel
By RANDY KREHBIEL World Staff Writer
U.S. Sen. Tom Coburn’s latest attack on what he views as improper use of federal subsidies includes Oklahoma City’s refurbished Skirvin Hotel.
The historic downtown hotel is only one of several examples Coburn cites as a dubious use of the New Markets Tax Credit, established in 2000 to “spur new or increased investments into operating businesses and real estate projects located in low-income communities.”
The program allows federal tax credits for up to 39 percent of the capital investment.
“This tax credit intended to benefit the poor is instead lining the pockets of the well-off, such as big banks and other private investors that claim more than $1 billion in NMTC annually,” Coburn says in the report.
Coburn said the report is not intended to “demonize” the projects or those receiving the benefits, but to inform taxpayers.