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Public hearing held on tax credit to incentivize new Oregon-chartered banks; proponents cite Ohio precedent
Summary
The House Committee on Revenue held a public hearing June 12 on House Bill 3975, which would create a corporate income tax credit for newly chartered Oregon banks.
The House Committee on Revenue held a public hearing June 12 on House Bill 3975, which would create a corporate income tax credit for newly chartered Oregon banks. Committee staff described the proposal as a limited, three-year credit that would exempt a qualifying de novo Oregon-chartered bank from corporate income tax liability up to $1 million per year during the initial three tax years.
Why it matters: Supporters said the measure would lower the effective startup cost of forming a new community bank in Oregon and could encourage de novo bank formation in rural and underserved…
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