Republicans:
Fix Oregon’s ‘reconnect’ law to create jobs
SALEM—To promote job creation, House Republicans will offer an alternative “minority report” to a bill partially reconnecting Oregon to the federal tax code. Republicans say the minority report to SB 301 upholds a commitment made by the Legislature to allow Oregon businesses and citizens to benefit from federal job creation tax benefits in 2011.
“This is the time to create jobs; this isn’t the time to raise taxes on our job-creating businesses,” said House Republican Leader Kevin Cameron (R-Salem). “Oregon businesses expected to utilize these federal job creation benefits to support their operations and hire more workers. Unfortunately, some legislators are seeking to capitalize on an innocent drafting error to take these benefits away.”
“The Oregon House will soon choose whether to raise taxes on our job creators, or to allow Oregon businesses to use these benefits to help put people back to work,” Rep. Cameron added. “To improve our economy, I’m hopeful Democrats will join us in supporting this minority report that improves SB 301.”
Over the objections of Republicans, the 2009 Legislature disconnected Oregon from the federal tax code in 2009 and 2010, which included provisions to stimulate business in Oregon. Until a drafting error was discovered last week, it was understood that the provisions for bonus depreciation and small business tax relief would be available starting January 1, 2011.
In anticipation of the 2011 reconnection, Oregon businesses had scheduled new investments to coincide with the law, and the deductions were even included in the state’s March 2011 forecast and the Governor’s Recommended Budget. House Republicans say immediate action is needed to fix the 2009 law and prevent an unanticipated tax increase. The minority report also includes the primary elements of SB 301, which partially reconnects Oregon to the federal tax code to provide tax relief for families and college students.
“The minority report will enable the Legislature to fix Oregon law and give businesses the certainty they need for the 2011 tax year,” said House Revenue Co-Chair Vicki Berger (R-Salem). “The Legislature should uphold its commitment to Oregon’s business community, while passing a partial reconnection for 2010 tax filers.”
Representatives will have an opportunity to adopt the minority report when SB 301 arrives on the House Floor for a vote. The vote is expected next week.
Source: News Press Release
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