Oregon Senate Passes Tax Breaks Bill

The Oregon Senate passed a bill Monday to give a number of tax breaks to households and businesses, the Statesman Journal in Salem reported Wednesday.

The House passed a similar bill, and Gov. John Kitzhaber is expected to sign it. Senate Republicans made sure to add on the tax breaks for businesses to the bill.

State Sen. Frank Morse, an Albany Republican, told the newspaper the tax breaks for businesses should be seen as an investment in the state’s future. The business tax breaks are projected to cost $93 million in the next fiscal year, which starts July 1.

“Legislation like this empowers Oregon’s employers to d what they do best: innovate, grow and put Oregon families back to work,” said Morse, who is the top ranked Republican on the Senate Finance and Revenue Committee.

Under the proposed bill, households will get tax breaks for educations costs and health insurance in 2010. Businesses will get breaks for equipment purchases starting this year.