Today, U.S. Congressman Dan Boren testified before the House Committee on Ways and Means about the importance of extending tax credits for businesses on former Indian lands.
Boren spoke in support of H.R. 1039, a bill led by himself and Congressman John Sullivan (OK-01). The legislation would permanently extend the Indian lands tax credit and the Indian employment tax credit. Representatives Boren and Sullivan have long been leaders in the effort to extend these important tax credits.
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.
"Because of Oklahoma's Native American heritage two thirds of the state, including my entire district, qualifies for a tax incentive for businesses located on former Indian lands," said Boren. "With tribal unemployment rates soaring to 80% in some regions, these tax credits are especially important because they encourage businesses to employ Native Americans. They also encourage business to increase wages, helping to fight the high Native American poverty rate. This tax credit is absolutely vital to the continued growth and development of tribal communities."
"The Indian lands tax credits are extremely beneficial to economic development in Oklahoma --these substantial tax incentives not only create jobs, but also improve the quality of life across our state," added Sullivan. "Any business that chooses to operate on federally recognized Indian lands is eligible to receive this credit, since two-thirds of Oklahoma's land meets this criteria, it provides an economic boom to our entire state. Extending these tax incentives will not only help to attract new business to Oklahoma, but will also allow our existing businesses to plan for the future."