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OBA Unveils Corporate Revenue Plan - Protect Oregon's Economy and Preserve Critical State Services

Oregon Business Association recognizes that given the historic nature of the budget crisis, a combination of spending cuts and revenue increases will be necessary in order to protect critical state services like education, healthcare and public safety, as well as targeted initiatives such as workforce development and the innovation agenda that create new economic opportunities.

The only way out of this economic crisis is through economic growth and job creation. With unemployment reaching 12.1 percent, the second-highest level in the nation, it is critical that any increase to business taxes be done in a way that best protects the state's economy and enables job growth. We cannot tax our way out of this recession, nor can we simply cut services. A balanced approach is the most responsible path forward, and the corporate revenue package we have developed is designed with a vision toward the continued health of our state.

As a bi-partisan advocate for Oregon's long-term economic prosperity, OBA has included in its proposal a set of "Economic Principles" designed to protect and create Oregon jobs and an outline of current and proposed contributions reflecting the business community's commitment to building a strong future for all Oregonians.

ECONOMIC PRINCIPLES

At the core of the principles is OBA's strong commitment to job retention and creation, and an emphasis on transparency and shared sacrifices. All of the revenue discussions in Salem need to be considered in the context of two critical questions: Will these ideas grow jobs and the economy; and will these ideas exacerbate the recession? At the heart of our economic principles is the focus on growing the state's economy, which is the best way to provide long-term, stable and adequate funding of state services.

Click here to view the complete set of 'Economic Principles'.

BUSINESS CONTRIBUTION TO BUDGET SHORTFALL

The business community recognizes that there needs to be a combination of revenue increases and spending cuts in order to address the budget shortfall. We also believe that there is a more thoughtful, less harmful way to raise revenue, that doesn't exacerbate the recession.

OBA supports a reasonable increase in the corporate minimum, a doubling of corporate filing fees and a temporary surcharge on the corporate tax rate. This ambitious revenue package raises approximately $340 Million.

The proposal also recommends tapping the state Rainy Day Fund which was created by an agreement with the business community to put aside the 2007 Corporate Kicker. In 2007, the business community led by OBA stepped up and did the right thing for the Oregon economy by working with the legislature on directing the corporate kicker into the Rainy Day Fund.

Two years later, we are proud of our efforts on that issue. We are again proud to come forward with a responsible, balanced package of revenue increases that we believe will significantly contribute to critical state programs while protecting the long-term prosperity of the Oregon economy.

Click here to view proposed 'Business Contribution to Budget Shortfall'.