Oregon’s state legislature recently passed a bill (SB 817) that creates a matching state tax credit to the federal New Markets Tax Credit to further “incentivize” economic development targeted to hard-hit areas. SB 817 provides access to equity capital for small businesses that operate in census-based, federally designated low-income rural and urban areas. It creates a tax credit against income and corporate excise taxes equal to 39 percent of the cost of a qualified equity investment. The tax credit can be used for operating capital, equipment and expansion costs for existing businesses.
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