Wednesday, Jun 29 2011 4:40PM
The Oregon House of Representatives passed legislation which intends to spur economic development in low-income communities statewide.
The Oregon House of Representatives passed Senate Bill 817 on June 28, which state lawmakers say should help provide jobs to low-income communities statewide.
The legislation, titled the Oregon Low Income Community Jobs Initiative, will provide income and corporate excise tax incentives for businesses to set up operations in Census-designated low-income rural and urban areas.
"This bill will help small businesses locate, expand and create jobs where they're needed the most," said Representative Matt Wand, who co-sponsored the bill. "More local jobs mean more revenue to fund vital programs in our communities."
He added small companies have had the most difficult time securing capital since the recession.
The bill is projected to attract approximately $200 million in new investments for low-income communities throughout Oregon, based on results in other states.
Economic relief is needed in many Oregon communities. A report by IHS Global Insight stated it will take many years for several of the state's towns and cities to recover from the recession.