OREGON HOUSE REPUBLICANS

HOUSE REPUBLICANS ANNOUNCE ‘MAIN STREET’

ECONOMIC STIMULUS PLAN TO HELP ALL OREGONIANS

Plan Empowers Communities to Create Jobs

SALEM—House Republicans today announced the Main Street Incentive Program to encourage businesses and home owners to immediately invest in improvements to their property through a tax credit. The proposal would stimulate the economy and create jobs without increasing state debt and locking up larger portions of the state budget.

“Economic stimulus should benefit all Oregonians, not just state government,” said House Republican Leader Bruce Hanna (R-Roseburg).  “Projects supported by the Main Street program would create immediate local jobs in all parts of our state. Local property owners would determine where jobs will be created, not the powerful politicians at the State Capitol. I ask Democrats to join us in supporting this effective plan to put people back to work.”

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. Property owners pursuing “green” projects, or those that promote renewable energy alternatives, would qualify for a 100 percent tax credit over a five-year period. In order to quickly boost job creation, qualified projects must begin before September 1, 2009.

“All of the money in the Main Street plan would go directly toward labor and materials for projects, providing immediate economic stimulus for communities across Oregon,” said Rep. Scott Bruun (R-West Linn). “The Main Street plan will enable businesses to expand and allow Oregonians to increase the value of their homes. Community lenders would benefit from increased business, and local government would benefit from new revenue generated by enhanced property values for years to come.”

Rep. Tim Freeman (R-Roseburg) said one hundred percent of the Main Street program would be spent on economic stimulus and job creation, creating lasting and permanent value in local communities.

“The dollars in this project support long-term capital projects, not light-bulb replacement or moss removal,” Rep. Freeman said. “Most importantly, it would create jobs and enable Oregonians to participate in the economic success of their communities.”

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Attached: Additional details on Main Street Program