For Immediate Release:
Wednesday, April 18, 2007 

WASHINGTON, D.C. - U.S. Congressmen Dan Boren (D-Muskogee) and John Sullivan (R-Tulsa) have introduced legislation that would provide a major tax break for Oklahoma businesses.  H.R. 1875 would make permanent the former Indian lands and Indian employment tax credits.  Two-thirds of Oklahoma qualifies for the federal tax credit, including most of the congressional districts Boren and Sullivan represent.

 

“The Indian lands and Indian employment tax credits are two of the most effective tools at our disposal for attracting new jobs to Oklahoma,” Boren said.  “Although we have had success with year-to-year extensions, I am pleased to once again work with Congressman Sullivan to provide Oklahoma businesses with peace of mind that these credits will be there for years to come.”

 

The Indian lands tax credit permits 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 Indian Land Tax Incentives, which more than two-thirds of the lands in Oklahoma qualify for, have spurred millions of dollars in growth and investment in our state,” Sullivan said.  “I am pleased to join my colleague, Representative Boren, in once again introducing legislation to renew these incentives, which are of vital importance to our state.”

 

Boren and Sullivan worked together on this issue in the 109^th Congress.  In December 2006, Congress passed a two-year extension of the former Indian lands and Indian employment tax credits.  That extension is set to expire at the end of 2007.

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