Political Quotes

“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. With our sluggish economy, we need to do all we can to encourage businesses to reinvest in and expand their operations, as this will create sustainable job growth. The accelerated depreciation schedule gives businesses the opportunity to recover investment dollars in capital assets more rapidly. This frees money that would have been tied up in the value of their capital assets, such as buildings, equipment, and machinery and enables companies to reinvest it more quickly than was available with a slower depreciation schedule. The Oklahoma Department of Commerce has reported that many companies attribute this provision as a key reason for relocating to and expanding within the State.…”