Oregon consistently ranks among the lowest-cost states for business according to independent research organizations such as Forbes, Milken Institute, Ernst & Young, The Tax Foundation, and the American Institute for Economic Research. In addition to this distinction the state also has more tools and incentives encouraging job growth and investment than any of its Western neighbors, including Washington, California, Idaho, and Nevada.
Through incentives, Oregon offers (to employers that qualify) a virtually tax-free operating environment – both in the short and long term. Often overlooked is, Oregon’s “Single Sales Factor” for determining state corporate income taxes which favors employers that sell their products outside the state. In fact, it’s a significant reason Intel has its largest operation in the world here and why multinational companies like Nike, Columbia Sportswear, and Precision Castparts Corporation have their headquarters in Oregon.
The table below summarizes some of the tools that help make Central Oregon the right choice for business, including state and local incentives, enterprise zones, and more. EDCO Area Directors can support you in identifying which programs you might be eligible for. Reach out to Our Team today!
CENTRAL OREGON TAX INCENTIVE TABLE
|Incentive||What it does|
|Enterprise Zones||Oregon’s Enterprise Zones primarily incentivize new business investments by abating all local property tax for a certain number of years. Sponsored by city, port, county, or tribal governments, an enterprise zone typically serves as a focal point for local development efforts.|
|Rural Renewable Energy Development Zone (RREDZ)||Provides the same 100% property tax exemptions of enterprise zones for renewable energy development (generation) projects.|
|Oregon State Energy Loan Program (SELP)||Promotes energy conservation and renewable energy resource development.|
|Oregon Investment Advantage (OIA)||The Oregon Investment Advantage is a 10-year taxable income exemption for a certified business in eligible locations.|
|Immediate Opportunity Fund (IOF)||Reduces the cost of needed transportation infrastructure for job-creation projects.|
|On-the-Job Training (OJT) Grant||Cash reimbursement for on-the-job training for specific employer-needed skills.|
|Oregon Export Promotion Program||The Oregon Export Promotion Program helps Oregon companies access foreign markets and increase exports to existing markets through participation in various trade development activities.|
|Oregon Energy Trust||Rebates and tax credits for energy efficiency projects.|
|Oregon Manufacturing Extension Partnership (OMEP)||Subsidized training and consulting services to help small to medium size companies with production efficiency and continuous improvement.|
|Strategic Investment Program (SIP)||Offers a 15-year property tax exemption on a portion of large capital investments for projects developed by “traded sector” businesses.|
|Construction-in-progress Tax Abatement||Commercial and non-utility facilities can be exempt from property taxes while under construction and not in use on January 1 of the assessment year, for up to two years.|
|Food Processor Property Tax Exemption||New machinery and equipment may be exempt from property taxes for five years anywhere in Oregon, if used in primary food processing of raw or fresh fruits, vegetables, legumes, nuts or seafood.|
|Work Opportunity Tax Credit||Federal tax credit available to Oregon employers who hire and retain veterans and individuals from other target groups with significant barriers to employment. Employers can receive up to $9600 per qualified employee in the form of a Federal tax credit.|
|Preferred Worker||Offers Oregon employers a chance to save money by hiring employees who have on-the-job injuries that prevent them from continuing with their regular work.|
Standard and Extended Enterprise Zone Brochures
The program offers 3 to 5 years, 100% property tax exemptions for new capital investments (buildings and certain equipment) for qualified companies who meeting minimum job creation and wage levels. Certain zones also offer other benefits including permit and SDC discounts, reduced sewer and water charges, and other local incentives. Click the links below for a brochure with specifics on enterprise zones for each Central Oregon community:
- Bend Enterprise Zone Brochure
- Prineville/Crook County Enterprise Zone Brochure
- Prineville/Crook County Rural Renewable Energy Development (RRED) Zone Brochure
- Redmond Enterprise Zone Brochure
- Sisters Enterprise Zone Brochure
- Deschutes County Rural Enterprise Zone Brochure
- Jefferson County Enterprise Zone Brochure
Business Capital & Financing Resources
Determining how to finance your business is one of the most critical decisions you face as a company. We often assist companies as they look to secure capital and financing.
Click here for a comprehensive list of debt capital resources, state/federal loan and guarantee programs, and local, regional, and special private programs. In addition, this list includes equity capital resources from concept/seed through launch and growth stages of business.
Looking for our Business and Mentoring Resources List?
Be sure to visit our Business and Economic Data page in the Info Hub for more information and resources.