HB 4052
Creates a corporate excise tax credit for each of the first three years that a bank does business in this state.
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Sign in to take actionPublic sentiment
Support
100%
Oppose
0%
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a corporate excise tax credit for new banks operating in Oregon. Specifically, Oregon-chartered banks that begin business in the state between January 1, 2027, and January 1, 2033, are eligible for a credit of up to $1 million per year for the first three years of operation. The credit is designed to encourage the establishment of new banks within the state and requires banks to obtain a charter and certificate of authority from the Department of Consumer and Business Services.
Sponsors
Official sponsors from legislative records.
Primary sponsors
E. Werner Reschke
Cosponsors
Arguments in favor
Reasons to support this legislation.
Supporters of HB 4052 express concerns about the potential impact on Oregon's natural resources, but also highlight the benefits of revitalizing the state's community banking system. They argue that new local banks will stimulate economic growth, particularly for small businesses and agricultural loans, by providing much-needed access to capital. Additionally, supporters point out that existing well-capitalized community banks are strong, and the proposed legislation offers tax breaks to help them start and thrive, ultimately benefiting the state's economy and future generations. By supporting HB 4052, proponents believe they can create a more resilient financial system that promotes local economic development and growth.
Source: Testimony Summaries
Arguments opposed
Reasons to oppose this legislation.
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