Oklahoma employees of Whirlpool, Michelin, Hitachi and 14 other firms are contributing part of their paychecks to help pay for $89 million in plant expansions and equipment purchases — and they may not even know it, an Oklahoma Watch investigation found.
The “Oklahoma Watch Report” examines the issue:
The Pooled Finance Act is a perfectly legal program with the goal of keeping and growing businesses and jobs in Oklahoma. The program lets Oklahoma companies engage in a credit swap that guarantees they will be paid back for spending money to improve facilities or buy equipment.
The companies are paid back from the state income-tax withholding amounts from their employees – money diverted away from state government at a time when Oklahoma is grappling with a budget crunch. A new law that takes effect next year will mandate closer scrutiny of such business incentives.