REPRESENTATIVE MATT WINGARD

OREGON HOUSE OF REPRESENTATIVES

HOUSE DISTRICT 26

 

 

REP. WINGARD CO-SPONSORS PLAN TO CREATE 6,000 JOBS,

BOOST PROPERTY VALUES BY $254 MILLION

Main Street Plan Formally Introduced as HB 3095

 

SALEM—Rep. Matt Wingard (R-Wilsonville) has co-sponsored HB 3095, also known as the Main Street Incentive Plan to encourage businesses and homeowners to immediately invest in improvements to their property through a tax credit. A nonpartisan analysis suggests the plan would cost the state $45.6 million per year over the next five years, but would immediately create over 6,000 jobs across Oregon.

 

“The Main Street Plan will provide true job creation in Washington and Clackamas Counties, and in communities throughout Oregon,” Rep. Wingard said. “By giving Oregonians incentives to make improvements to their properties, the Legislative Revenue Office indicates that we could put 5,000 back to work expanding businesses and 1,100 people back to work improving homes.”

 

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.

 

“The Main Street plan gives Oregonians a reason to invest during this deep economic recession,” Rep. Wingard said. “The plan does not increase government spending and increase debt, but it generates $417.5 million in new private investments in the private sector.”

 

The Legislative Revenue Office estimated that the tax incentives will cost the state a total of $228 million, but the costs of the plan are spread over five years. Rep. Wingard said the Main Street plan will provide immediate economic stimulus while increasing tax revenues for the state and local governments.

 

“In addition to stimulating the economy, the Main Street program will help state government fund important government services during this economic downturn,” Rep. Wingard said. “Growing the economy and creating jobs is the best way to generate the revenue the Legislature needs to balance the budget and prevent painful cuts.”

 

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