WASHINGTON, D.C. - U.S. Sen. Jim Inhofe (R-Okla.) today congratulated Macy’s Inc. for choosing Owasso, Okla. to build a new fulfillment center that will bring approximately 1,500 permanent jobs and an additional 1,000 seasonal jobs to the area. Additionally, Inhofe today introduced legislation to make permanent the Indian Lands Accelerated Depreciation tax provision, a key reason for companies such as Macy’s to choose Oklahoma to relocate and expand their operations.
“I am proud to welcome Macy’s and their new fulfillment center to Oklahoma, which will create 1,500 new permanent jobs and an additional 1,000 more during the Christmas shopping season," said Inhofe. "Our nation’s largest companies such as Macy’s continue to relocate and expand in Oklahoma because our state’s pro-growth policies. In my discussions with the Macy’s team, they noted many reasons for locating to Oklahoma but stressed the importance of the Indian land tax provision in their decision. This provision in the federal tax code allows businesses that purchase capital equipment for use on former or current Indian lands to depreciate it more than 40 percent faster than would otherwise be allowed. In light of Macy's announcement, I am introducing legislation to make permanent this important tax credit that encourages businesses to invest in Oklahoma's economy and job market.”
Inhofe has voted on every occasion to extend the temporary tax provision that permits accelerated depreciation on Indian lands and, since 2005, has introduced legislation each Congress to make the provision a permanent part of the federal tax code.
Macy’s will invest $170 million in a new state-of-the-art facility in Owasso, Okla. that will process orders placed online and in Macy’s stores across the nation. Construction is expected to begin in April 2014 and to be completed in April 2015.