Rep. Cole Praises Passage of Tax Relief Bill for all Americans

WASHINGTON, D.C.- Congressman Tom Cole voted today for H.R. 4297, the Tax Relief Extension Reconciliation Act of 2005. This legislation will extend important tax breaks including extending tax incentives for business activity on former Indian lands and businesses that hire Native Americans and their spouses that are especially advantageous to Oklahomans.

“This legislation will benefit virtually every working American and continue to steer our economy on the path of continued growth. Good economic policies such as tax relief will lead to a stronger economy and a lower deficit. These policies have proven they work and our showing results," Congressman Tom Cole said.

The key provisions in this legislation include extending the reduced tax rates on capital gains and dividend income through 2010. According to the Joint Committee on Taxation, over 60 percent of Americans receiving capital gains or dividend income have incomes of $100,000 or less and stand to benefit from the passage of today’s bill.

"It is very good news for Oklahoma that this legislation extends two provisions, 45(a) and 168(j), that are vital in encouraging economic growth in our state and creating new jobs for all Oklahomans," Congressman Tom Cole said.

The tax code provides certain tax benefits to help spur economic activity on Indian reservations, that may face obstacles in attracting businesses and qualified workers. The first provision extended in this legislation is the Indian Employment Tax Credit, which will be extended from Dec. 31, 2005 until Dec. 31, 2006. The second provision is an extension of the accelerated depreciation for business property on Indian Reservations from Dec. 31, 2005 until Dec. 31, 2006.

H.R. 4297 must now pass in the Senate.

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