Jim Inhofe: “I would like to bring to your attention a bill I am reintroducing that would make permanent the current tax provision…”

“I would like to bring to your attention a bill I am reintroducing that would make permanent the current tax provision that allows capital assets on Indian lands to be depreciated on an accelerated schedule. For many years, the Federal tax code has provided an incentive for businesses to invest in operations on Indian reservations and lands across the country. According to the law, businesses that purchase capital equipment and use it on Indian lands will be able to depreciate it, on average, more than 40 percent faster than would otherwise be allowed. This tax provision is important to Oklahoma because of our longstanding history and unique relationship with Indian tribes. In light of the weak and ongoing economic recovery, we need to be doing all that we can to encourage businesses to reinvest in and expand their operations. This alone is what will create sustainable job growth. The accelerated depreciation schedule helps do that by giving businesses the opportunity to recover investment dollars in capital assets more rapidly. This frees up capital and allows companies to reinvest that money more quickly than would have otherwise been possible. This is money that would have been tied up in the value of their capital assets, things like buildings, equipment, and machinery. According to the Oklahoma Department of Commerce, 96 companies in Oklahoma announced $1.7 billion of investments during the 2009-2010 period, creating an estimated 10,500 jobs.…”