Oregon Democrats propose new corporate tax, Tobias Read suggests OSU purchase Elliott Forest and Uber probe goes national.
Tina Kotek announces corporate tax plan
The House Speaker proposed a 0.95% tax on business sales more than $5 million, the Statesman Journal reports. An estimated 5,000 businesses would be subject to the tax. If approved, the tax (starting in 2018) would bring in $2 billion for the 2017-2019 budget cycle. The tax could generate $3.6 billion in future biennia. The proposal would charge businesses with less than $5 million in sales a flat $250 fee, and those with sales below $150,000 are exempt. Kotek’s proposal is similar to the corporate tax unveiled by the Joint Committee on Tax Reform Tuesday, but places the percentage tax at a higher bracket.
OSU could buy Elliott State Forest
Gov. Brown unveiled her plan Thursday to keep the forest under control of the State Land Board and use logging revenue for fund K-12 schools. The plan requires purchasing the forest using $100 million in state bonds. Treasurer Tobias Read has a different plan in mind, the Register Guard reports. Read’s plan, also announced Thursday, would give OSU the option to purchase the forest for research and education opportunities. OSU would pay $120.8 million some time in the future. Read’s plan builds on Brown’s plan to purchase the forest using bonds which puts total revenue for the Common School Fund at $220.8 million, preventing a lawsuit threatened by the Oregon School Boards Association.
Uber greyball probe goes national
Portland isn’t the only entity investigating Uber’s use of software to evade regulators. The rideshare company is now under investigation by the Department of Justice, Reuters reports.
Adidas surpasses Nike sales in North America, China
Nike might want to rethink its expansion in Beaverton. After years of coming in second, Adidas has finally outpaced Nike in the race for largest profits, Reuters reports. Adidas’ profits increased 30% this quarter. Online, profits grew even faster, up 53% from last quarter.
OB Original Blog: Pot training
Finding people with experience in recreational marijuana cultivation can be tough in an industry that just recently became legal in Oregon.
Coos Bay Port pushes $400 million dredging project
The project would deepen the current dredging channel by 8 feet and widen the 8 mile stretch of river by 150 feet. The Port says it wants to build a robust shipping port, but it needs to accommodate larger ships, the Capital Press reports. The Port of Portland is facing a similar obstacle as its cranes cannot unload the new, larger ships.
Department of Shameless Self-Promotion
Oregon Business journalists win AZBEE awards of excellence.