WASHINGTON, D.C. –U.S. Senator Jim Inhofe (R-Okla.) today joined other Republican Senators in sending a letter to the Senate Finance Committee, urging its leadership to enact the 2008 Alternative Minimum Tax (AMT) patch as well as extend other expiring tax provisions, without offsetting tax increases.
“American families and our nation’s economy deserve the certainty provided by these tax relief provisions, and we need to provide this assurance without increasing taxes,” Senator Inhofe said. “As Americans increasingly face economic uncertainty, enacting these tax extender provisions and the AMT patch will take a real step toward relieving some of the economic burdens shouldered by American families.”
Inhofe also announced plans to amend the legislation to include a provision encouraging production from marginal oil and gas wells, “In Oklahoma, it is the small independents producing the majority of oil and natural gas, with 85 percent of Oklahoma's oil coming from marginal wells.
“Because marginal wells supply such a significant amount of our oil and gas, accounting for nearly 20 percent of total oil production in the United States, it is vital we keep them in operation by extending this important tax provision.”
The extender’s package also includes a provision vital to Oklahoma’s economy that Senator Inhofe has worked to enact. The provision extends the Indian employment credit and depreciation rules for property within former Indian reservations in Oklahoma, providing an approximately 40 percent shorter recovery period for most commercial property. This accelerated depreciation schedule has been very successful in encouraging capital intensive businesses to locate or expand in Indian Country in Oklahoma and throughout the country.