Rep. Cole Protects Tax Breaks for Oklahoma Businesses in Legislation

WASHINGTON, D.C. -As a member of the powerful Rules Committee, Congressman Cole worked today to protect two provisions in the tax portion of the budget reconciliation bill (HR 4297) that will be very important to Oklahomans. The Rules Committee voted this evening to include these provisions in the bill that will be debated on the House floor tomorrow.

The first provision, 45(a), is an extension of the Indian Employment Tax Credit from Dec. 31, 2005 until Dec. 31, 2006. The second provision, 168(j), is an extension of the accelerated depreciation for business property on Indian Reservations from Dec. 31, 2005 until Dec. 31, 2006.

"I am very pleased that the Rules Committee included these two provisions in the bill that will be debated on the floor tomorrow. These two tax extensions are very valuable to Oklahoma businesses, providing a tax break for businesses that locate or expand on former Indian lands and for businesses that hire Native Americans and their spouses," Congressman Cole said. "The extension of these two provisions will continue to encourage economic growth in our state and create new jobs for all Oklahomans."

Both the bill and the Democratic substitute include these important provisions, so regardless of the outcome of the vote these tax extensions will advance in the legislative process.

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