Post by Okwes on Feb 9, 2007 11:35:21 GMT -5
House OKs incentives for use of Indian land
By JIM MYERS World Washington Bureau
12/9/2006
www.tulsaworld.com/NewsStory.asp?ID=061209_Ne_A1_House28575
<http://www.tulsaworld.com/NewsStory.asp?ID=061209_Ne_A1_House28575>
The bill would renew tax breaks considered a boon to Oklahoma
businesses. WASHINGTON -- The U.S. House easily approved a tax bill
Friday that includes expired tax breaks credited with generating
millions of dollars in investments in Oklahoma in past years.
The bill passed the House on a 367-45 vote and was headed to the Senate
as lawmakers pushed into the early morning hours and toward final
adjournment.
Congress barely met a midnight deadline to pass a stopgap funding
measure to keep federal programs funded through next February.
The tax measure includes $38 billion in tax breaks for businesses,
higher education costs and schoolteachers as well as credits for
alternative energy initiatives.
The Oklahoma provisions, dating to 1997, grant tax incentives to
companies located on former American Indi an land across the state.
About two-thirds of Oklahoma is covered by the legislation.
The tax provision expired at the end of 2005, and members of the state's
congressional delegation have been scrambling since then to have the tax
breaks revived.
Rep. John Sullivan, R-Okla., helped to lead that effort.
<http://adserver.tulsaworld.com/?RC=25000181&AI=762&RANDOM=5296497503338\
3> <http://adserver.tulsaworld.com/?SHT=NewsStory_336x280> "After
tirelessly working in the 109th Congress, I am pleased that the Indian
Land Tax Incentives were extended today," Sullivan said.
"By helping businesses recover expenses as they grow, these incentives
help them reinvest money into expanding their operations and investing
in Oklahoma."
Rep. Dan Boren, D-Okla., said the tax credits were among the most
effective tools the state has used to attract new jobs.
"This has been the centerpiece of my agenda since taking office," Boren
said.
One provision allows new businesses or those expanding their activities
to qualify for an accelerated depreciation schedule, which lets them
recover their costs more quickly.
A second provision gives businesses a tax credit for employing American
Indians.
With two-thirds of the state qualifying for the credits, and its high
concentration of American Indians, Boren said, Oklahoma stands to
benefit tremendously.
The bill that passed the House on Friday extends the tax breaks until
Dec. 31, 2007, but allows them to be applied to 2006.
Boren said that with the expiration of the tax credits, businesses have
faced uncertainty.
"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,"
he said.
Boren said he will push for another extension next year.
Republican Reps. Frank Lucas, Tom Cole and Ernest Istook joined Sullivan
and Cole in voting for the tax bill.
By JIM MYERS World Washington Bureau
12/9/2006
www.tulsaworld.com/NewsStory.asp?ID=061209_Ne_A1_House28575
<http://www.tulsaworld.com/NewsStory.asp?ID=061209_Ne_A1_House28575>
The bill would renew tax breaks considered a boon to Oklahoma
businesses. WASHINGTON -- The U.S. House easily approved a tax bill
Friday that includes expired tax breaks credited with generating
millions of dollars in investments in Oklahoma in past years.
The bill passed the House on a 367-45 vote and was headed to the Senate
as lawmakers pushed into the early morning hours and toward final
adjournment.
Congress barely met a midnight deadline to pass a stopgap funding
measure to keep federal programs funded through next February.
The tax measure includes $38 billion in tax breaks for businesses,
higher education costs and schoolteachers as well as credits for
alternative energy initiatives.
The Oklahoma provisions, dating to 1997, grant tax incentives to
companies located on former American Indi an land across the state.
About two-thirds of Oklahoma is covered by the legislation.
The tax provision expired at the end of 2005, and members of the state's
congressional delegation have been scrambling since then to have the tax
breaks revived.
Rep. John Sullivan, R-Okla., helped to lead that effort.
<http://adserver.tulsaworld.com/?RC=25000181&AI=762&RANDOM=5296497503338\
3> <http://adserver.tulsaworld.com/?SHT=NewsStory_336x280> "After
tirelessly working in the 109th Congress, I am pleased that the Indian
Land Tax Incentives were extended today," Sullivan said.
"By helping businesses recover expenses as they grow, these incentives
help them reinvest money into expanding their operations and investing
in Oklahoma."
Rep. Dan Boren, D-Okla., said the tax credits were among the most
effective tools the state has used to attract new jobs.
"This has been the centerpiece of my agenda since taking office," Boren
said.
One provision allows new businesses or those expanding their activities
to qualify for an accelerated depreciation schedule, which lets them
recover their costs more quickly.
A second provision gives businesses a tax credit for employing American
Indians.
With two-thirds of the state qualifying for the credits, and its high
concentration of American Indians, Boren said, Oklahoma stands to
benefit tremendously.
The bill that passed the House on Friday extends the tax breaks until
Dec. 31, 2007, but allows them to be applied to 2006.
Boren said that with the expiration of the tax credits, businesses have
faced uncertainty.
"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,"
he said.
Boren said he will push for another extension next year.
Republican Reps. Frank Lucas, Tom Cole and Ernest Istook joined Sullivan
and Cole in voting for the tax bill.