OREGON HOUSE REPUBLICANS
FOR IMMEDIATE RELEASE
February 9, 2011
Contact: Nick Smith
HOUSE REPUBLICANS PROPOSE MAIN STREET PLAN TO CREATE JOBS
SALEM—Speaker Bruce Hanna (R-Roseburg) and Rep. Tim Freeman (R-Roseburg) today testified in support of HB 2657, known as the Main Street Incentive Plan. The plan, currently being considered by the House Transportation and Economic Development Committee, creates jobs by encouraging businesses and homeowners to immediately invest in property improvements through a tax credit.
“The Main Street plan creates jobs by giving homeowners and businesses an immediate incentive to invest in their properties,” Speaker Hanna said. “The Main Street plan only costs state government when it’s actually putting Oregonians back to work. It’s a smart investment in private sector job creation.”
Under the proposal, Oregonians would be able to claim 50 percent of the costs of their own capital construction projects over a five-year period. A 100 percent tax credit would be provided when projects promote energy efficiency or compliance with the federal Americans with Disabilities Act. Overall, tax credits are capped at $50,000 for improvements to a residential property and $500,000 for improvements to a business facility. The Main Street Incentive Plan requires projects to be certified before property owners are eligible for the credit.
Rep. Freeman said the Main Street Incentive Plan will help generate more state revenue over the long term as Oregonians are hired to complete certified projects. Because the plan will help increase property values for homeowners and businesses, local governments and schools will benefit as well.
“The Main Street Incentive Program is an effective economic stimulus plan for Oregon,” Rep. Freeman said. “It allows Oregonians, not Salem politicians, to determine where stimulus occurs and by how much. In addition to creating jobs and generating more business for small companies, the plan will help support education and other services.”
HB 2657 remains in the House Transportation and Economic Development Committee pending amendments to improve the bill. The Main Street Incentive Plan is part of the House Republicans’ 2011 Jobs and Reform Agenda.