The state of Oregon is about to become a ground of contention as businesses lobby to hang onto the Pollution Tax Credit due to sunset in 2007. Lawmakers in the Oregon are examining the Pollution Tax Credit that has been on the books since 1967. The law was enacted to encourage industrial businesses in Oregon to comply with new federal and state environmental requirements. The tax credits helped them to upgrade their equipment and as the name indicates, hopefully continue to control and reduce pollution.
40 years later, the law has been renewed and expanded to a point where lawmakers are pointing out that it has essentially become corporate welfare. In many cases, businesses can claim equipment they need to essentially run their businesses as a part of the Pollution Tax Credit whether it has anything to do with the definition of pollution or not.
Oregon is struggling to balance their finances and the Pollution Tax Credit accounts for a large vacuum of funds, primarily from out of state companies. Business leaders contend that they are going to fight against the changes to the credit while lawmakers are equally determined to bring it back under control.
This information brought to you by IncParadise, looking after your incorporation needs in all fifty states.