| SENATE MAJORITY OFFICE State Capitol
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Press Advisory
March 15, 2011
CONTACT: Molly Woon (503) 986-1074
Bill to attract high wage jobs scheduled for Senate hearing today
SB 219, the Oregon Business Retention and Expansion Program, will be heard at 3 PM
SALEM – A legislative proposal to encourage companies to locate or expand their high-wage, high-skilled workforce in Oregon will be heard this afternoon in the Senate Business, Transportation, and Economic Development Committee. Senate Bill 219, the Oregon Business Retention and Expansion Program, is a priority for the Senate Democrats, who have made job growth and economic revitalization a cornerstone of their 2011 Session Agenda.
Ways and Means Senate Co-chair Richard Devlin (D-Tualatin) and Representative Tobias Read (D-Beaverton), chief sponsors of the bill, are expected to testify this afternoon. Joining them will be representatives from Business Oregon, Washington County, and statewide business groups including the Associated Oregon Industries and the Oregon Business Council. The panel will also be joined by a representative from Erickson Air-Crane, an aircraft manufacturing and operating company based in Central Point.
SB 219 is modeled after approaches that have proven successful in other states. The Oregon Business Retention and Expansion Program would be targeted at three to five new or expanding Oregon companies per year, providing a forgivable loan to support a business’ expansion and job growth. The bill includes a strict “clawback” provision to ensure the state gets its money’s worth. The incentive would be based on the increase in new personal income tax revenue resulting from the new hires from the expansion or relocation project. Companies selected for the incentive would have to hire 50 or more new employees in Oregon or have 150 or more employees at time of eligibility. Companies would need to operate in a traded sector industry.
WHO: Richard Devlin, Senate Co-Chair of Ways and Means; Representative Tobias Read; representatives from Business Oregon, Erickson Air-Crane, Washington County, Associated Oregon Businesses, Oregon Business Council
WHAT: First Public Hearing on SB 219
WHEN: 3:00PM, Tuesday, March 15, 2011
WHERE: Senate Business, Transportation, and Economic Development Committee
Hearing Room B, Oregon State Capitol, Salem
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For more information on the Senate Majority Caucus, please visit orsenatemajority.org