The Joint Tax Credits Committee approved a compromise plan, paving the way for changes to the controversial Business Energy Tax Credit.
The Joint Tax Credits Committee approved a compromise plan, paving the way for changes to the controversial Business Energy Tax Credit.
The proposed changes are part of a legislative effort to reign in tax credits, which are projected to cost the state $750 million in lost revenue over the next six years. The overhaul deals with a third of them, which are set to expire next year.
For decades, Oregon lawmakers have created tax credits as an incentive for taxpayers to make certain investments, like installing solar panels or filming a movie here. Some are designed to prop up budding industries, while others are meant to help people with low incomes pay for health and child care.
With a projected price-tag of up to $290 million during the next two-year budget, the Business Energy Tax Credit is by far Oregon’s most expensive in terms of the cost to the state in lost revenue.
Read more at Forbes.
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