Sen. Jim Inhofe (R-Oklahoma) introduced S.1008, an Indian tax bill, on Tuesday.

The bill would make permanent a tax provision that allows capital assets on Indian lands to be depreciated on an accelerated schedule. Inhofe said the bill will improve business opportunities in Indian Country.

“This legislation is imperative to creating economic growth for Oklahoma and the nation,” Inhofe said in a press release. “To renew this measure each year is simply not enough. We must provide stability to businesses, especially during times of economic hardship.

The provision has typically been renewed by Congress on a yearly basis.

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Press Release: INHOFE REINTRODUCES TAX LEGISLATION ON INDIAN LANDS (Sen. Inhofe 5/17)