Senate Approves JOBS Act, Boosting NMTCs to Native American Reservations

Friday, May 14, 2004 - 1:45am

The U.S. Senate on Tuesday, May 11 approved S 1637, the Jumpstart Our Business Strength Act, by a vote of 92-5. The bill will now go to The House of Representatives. The JOBS Act, in addition to extending $50 million in new market tax credits to Native American Reservations, provides Indian economic development measures that will also provide a tax credit for employing Native Americans, accelerate depreciation for business property on reservations and extend and expand a tax credit for wind-powered electricity produced on reservations. In addition, the bill gives tribes broader authority to issue tax-exempt bonds, establishes a new category of Qualified Tribal Modernization Bonds and provides a tax credit to bond holders, as long as 95 percent or more of the net proceeds are used to rehabilitate Bureau of Indian Affairs schools.