U.S. Sen. Jim Inhofe (R-Okla.) ahead of Tax Day, introduced two bills that will revive and make permanent expired tax provisions, the Indian Lands Accelerated Depreciation provision and the Suspension of Net Income Limitation for Percentage Depletion for Marginal Wells provision. Both provisions would encourage job growth and investment in Oklahoma.
“Tax cuts have gotten America’s economic engine moving again,” Inhofe said. “We had eight years of sluggish growth, but with the combination of these tax cuts and President Trump’s deregulatory agenda, we’ve seen businesses expand to new heights, reinvest in the future and create jobs right here in Oklahoma — not overseas.
“I’m proud to continue these efforts with my Indian Lands Accelerated Depreciation legislation, which would allow for much quicker depreciation of capital assets used on Indian lands, thereby creating significant savings for businesses to reinvest. Because of Oklahoma’s rich Native American heritage, this provision applies to lands in the vast majority of the state and encourages greater local investment.
“The Net Income Limitation Suspension for Percentage Depletion on Marginal Wells legislation would revive an IRS provision that has been supported by Congress for 16 years. The United States must encourage the continued production of marginal wells in order to sustain the energy dominance we have achieved under President Trump. My legislation will give energy producers the predictability and certainty they require to invest in the future of our domestic resources.”
“This legislation is a valuable tool for economic development in Oklahoma with more than two thirds of the land in the state meeting the definition of former Indian lands,” said Sean Kouplen, Oklahoma Secretary of Commerce and Workforce Development. “By making this incentive permanent, states like Oklahoma will have increased opportunity to recruit capital investment and jobs, strengthening and diversifying economies, often in rural and impoverished areas of our state and across the nation.”
“OGE Energy appreciates Senator Inhofe’s continued thoughtful leadership in Congress regarding job creation that benefits Oklahoma and the Nation as reflected in his legislation to make permanent the currently expired federal tax code provision that allows for accelerated depreciation of energy property located on Indian lands,” said Brian Alford, Director of Corporate Affairs, OGE Energy Corporation. “The Inhofe legislation provides much needed incentive and lends desirable predictability to investment decisions for entities considering capital projects on Indian lands. These investments benefit both Native Americans in Oklahoma and the Oklahoma economy in general by generating increased employment opportunities and economic development in our state. OG&E awaits enactment of Senator Inhofe’s important job-creating legislation at the earliest opportunity.”