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Issue Position: House Bill 3620

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HB 3620. This bill, is known at The Main Street Plan, and previously was introduced during the 2009 session. It would encourage homeowners and businesses to invest in improvements to their property through a tax credit. Under the proposal, Oregonians would be able to claim 50% of the costs of their own capital construction projects, and "green" projects would qualify for a 100% tax credit. The additional work would benefit contractors, suppliers and manufacturers immediately, but to avoid a drastic reduction in tax revenues, the tax credits would be spread over a period of five years, beginning in the year following completion of the project. A nonpartisan analysis conducted in 2009 suggested that the plan would immediately create over 6,000 jobs across Oregon. HB 3620 creates investments in homes and businesses that will not only create jobs, but the capital improvements would also result in higher assessed values and, eventually, provide additional revenues to local government through increased property taxes. The Main Street Plan is truly a win-win proposition for all concerned. Unfortunately, it has yet to receive a fair hearing by legislative leadership.


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