For Immediate Release:
Friday, December 8, 2006 

WASHINGTON, D.C. - The U.S. House of Representatives today approved extensions of the former Indian lands tax credit and the Indian employment tax credit through 2007.  U.S. Congressman Dan Boren voted for the two-year provisions, which were included in a larger tax relief package that also benefits teachers, college students and independent oil producers.

 

“This has been the centerpiece of my agenda since taking office,” Boren said, citing a campaign promise he made to voters when first running for Congress in 2004.  “The Indian lands and Indian employment tax credits are two of the most effective tools at our disposal for attracting new jobs to Oklahoma.”

 

The Indian lands tax credit allows businesses locating or expanding to former Indian lands to qualify for an accelerated depreciation schedule, allowing them to recover their costs more quickly than in other parts of the country.  The Indian employment tax credit provides an additional deduction for businesses located on Indian lands that employ Native Americans.

 

The credits are aimed at spurring economic development in states and communities with large Native American populations.  “With two-thirds of our state qualifying for the credits, and the highest concentration of Native Americans in the country, Oklahoma stands to benefit tremendously,” Boren said.

 

Boren, along with Congressman John Sullivan, introduced H.R. 597 in February 2005 to make the tax credits permanent.  Although a two-year extension was a major victory, Boren will continue to push the issue in the 110^th Congress.

 

“The credits expired at the end of 2005 and many businesses in our state have been faced with the uncertainty of renewal,” Boren said.  “We need to provide them with peace of mind that the Indian lands and Indian employment tax credits will be there for the foreseeable future.”

 

This is the third time in less than a year that the House of Representatives has voted to extend the credits.  H.R. 6111, the Tax Relief and Health Care Act of 2006, passed the House 367-45.  If passed by the Senate, the credits would be available to tax payers for both 2006 and 2007.

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