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January 22, 2009

Oklahoman: Sen. Jim Inhofe bills would affect businesses


Sen. Jim Inhofe bills would affect businesses
Energy: One plan OKs Defense Department to purchase Canadian fuel

BY CHRIS CASTEEL Published: January 22, 2009

WASHINGTON - Sen. Jim Inhofe introduced legislation on Wednesday aimed at benefiting businesses in Oklahoma.

Inhofe, R-Tulsa, was joined by Sen. Tom Coburn, R-Muskogee, on a bill that would permanently extend a tax break for companies that locate or increase employment on former Indian reservation land. The tax break has been extended annually for several years, but Oklahoma lawmakers want to make it permanent. Reps. Dan Boren, D-Muskogee, and John Sullivan, R-Tulsa, have offered similar legislation in the U.S. House.

Another bill would permanently eliminate the net income limitation for oil and gas properties. The limitation prevents a producer from using percentage depletion - a business expense similar to depreciation - when it exceeds the income from an individual property.

Inhofe said he also introduced a bill that would allow the Defense Department to buy fuel from the Canadian Tar Sands and another to make energy producers eligible for a bigger tax break under the domestic manufacturing deduction.

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