U.S. Sens. Steve Daines (R-MT) and Jon Tester (D-MT) introduced legislation on Monday that would permanently extend the Indian Coal Production Tax Credit (ICPTC).
The tax credit, which expired at the end of 2014, provides an important tax incentive that maintains the development of tribal coal mining operations, allowing them to remain competitive with private, state or federal mining.
“The Indian Coal Production Tax Credit is an essential tool in Montana tribes’ work to achieve self-sufficiency, increase economic opportunity and create good-paying jobs for tribal members,” Daines said. “A permanent extension provides tribes much-needed certainty to invest in large-scale energy production projects and provides a path forward for the long-term prosperity of our tribal nations.”
In essence, the credit protects the economic health of tribal coal mining projects, which create critical tribal job opportunities and are important to the overall economy of many rural tribal communities.
“Reauthorizing the Indian Coal Production Tax Credit will increase self-determination and help the economy in Indian Country,” Tester added. “This is an opportunity to create jobs in Indian Country so that we can help take pressure off social safety net programs that are financially strapped. I look forward to working with folks in Congress and tribal leaders to get this tax credit secured once again.”
Not surprisingly, tribal leadership in the region stands in strong support of the bill.
“The Indian Coal Production Tax Credit is critical to the future and prosperity of the Crow Nation, and I appreciate the Montana delegation’s work to permanently reauthorize it,” Crow Chairman Darrin Old Coyote said.
The bill is co-sponsored by Sens. John Barrasso (R-WY), Heidi Heitkamp (D-ND) and Jerry Moran (R-KS). Rep. Ryan Zinke (R-MT) recently introduced a companion bill in the House.