Governor Stitt’s company, Gateway First Bank, has received more than $750,000 in taxpayer subsidies and could receive up to $1.8 million. Even more concerning, under a new agreement approved by Stitt appointees, the company will receive even more taxpayer funding.
Although Stitt stepped away from day-to-day decision making for the business when he became governor, his family continues to own more than 60 percent of the business through the Stitt Family Trust.
The agreement was approved by a three-member committee. Two of the members of the committee who approved the deal, Department of Commerce Director Brent Kisling and Oklahoma Tax Commission Chairman Charles Prater, were appointed by Stitt.
Under a state incentive program, companies that create up to $2.5 million in new annual payrolls within three years can seek quarterly cash payments up to 5% of new payroll cost. The deal marks one of, if not the first time in Oklahoma history that a sitting governor has received millions of dollars in public taxpayer funds.
- Company founded by Gov. Stitt seeks further taxpayer subsidies for job creation, The Frontier, 1/15/20
- Taxpayer money approved for Oklahoma governor’s ex-company, Associated Press, 1/17/20