WASHINGTON, D.C. – U.S. Sen. Jim Inhofe (R-Okla.) today voted in favor of H.R. 5771, the tax extenders package. The Senate passed the legislation by a vote of 76 to 16.
“I am proud to have voted in favor of the 2014 Tax Extenders package, which includes a host of important provisions for Oklahoma’s job creators,” Inhofe said. "This legislation will help our farmers and small business owners expand their services in Oklahoma by allowing them to write off the first $500,000 in annually purchased business property. Historic Indian lands cover much of Eastern Oklahoma, and the passage of this bill will also allow businesses located on these lands to receive accelerated depreciation for property investments made in 2014. This provision was a contributing factor to Macy’s choice of Owasso, Okla., for the home of its newest distribution center, which will create 1,500 permanent jobs and an additional 1,000 during the holiday shopping season."
On Dec 17, 2013, Inhofe introduced S. 1834, legislation which would make permanent the Indian Lands Accelerated Depreciation tax provision. Inhofe has introduced this legislation each Congress since 2005.
Inhofe continued, "With my support, the tax extenders bill reinstates the 50-cents excise tax credit for natural gas sold as a transportation fuel, aligning with my priorities to establish natural gas as a mainstream transportation fuel. Moreover, this bill continues bonus depreciation, a provision that allows businesses to write off an additional 50 percent of the cost of new equipment in the year of purchase, allowing businesses to keep more of their cash to fund further expansions. With the help of tax provisions contained in the 2014 Tax Extenders package, I hope to aid many Oklahomans in their pursuit of economic opportunity, entrepreneurial freedom, and energy independence.”
Inhofe has been a longtime recipient of the National Taxpayers Union’s “Taxpayer’s Friend Award” and has also received the “Spirit of Enterprise Award” from the U.S. Chamber of Commerce for his pro-business record.