Reduce Tax Burden
The bill will put $93 million back into Oregon’s economic engine, providing small businesses with the resources they need to grow and create new jobs.
Salem, OR – The Oregon State Senate voted unanimously Tuesday morning to reduce the tax burden on small and family owned businesses who invest in expanding their enterprises. The bill will put $93 million back into Oregon’s economic engine, providing small businesses with the resources they need to grow and create new jobs.
Senate Bill 301 reconnects portions of Oregon’s tax code to federal code, so that Oregon mirrors certain federal tax policies. The bill allows businesses to deduct the expense of investing in new equipment up front instead of spreading the deduction out over the life of the equipment. Other portions of the bill would allow families to deduct up to $4,000 from their college tuition and for parents to keep children on their health plans until they reach the age of 26.
“This may be one of the most significant things we do for Oregon’s unemployed and families struggling to put kids through school,” said Senator Frank Morse (R-Albany), Vice Chair of the Senate Finance and Revenue Committee. “Legislation like this empowers Oregon’s employers to do what they do best: innovate, grow and put Oregon families back to work.”
“Giving small businesses the chance to deduct their equipment expenses lets them super-charge their investment and encourages them to expand and grow,” said Senator Chris Telfer (R-Bend). “Very simply, this bill will translate into more jobs for the thousands of Oregonians who are looking for work.”
Republicans have championed the passage of the bonus depreciation legislation this session as a way to help Oregonians get back to work. One in every five Oregonians is functionally unemployed, either unable to find a job or unable to find a job that matches their skills and meets their needs. A record number of Oregonians are on food stamps.
Source: News Press Release
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