IDA Legislative Update

By Janet Byrd

Thank you all for your amazing testimony, emails, and calls to your legislators and members of the Joint Committee on Tax Expenditures about the value of the Oregon IDA Initiative to you and your community. Your voices helped keep IDAs on the minds of our champions throughout session, and helped us succeed.

The Senate took action in the last hours of the 2019 Legislative Session to pass the tax expenditure package bill — House Bill 2164.  There is a section in the bill that will help keep the IDA Tax Credit, which funds the Initiative, marketable. Tax credits will be marketed at values up to 90 cents on the dollar, adjusted for changes at the federal level that made marketing at 70 cents on the dollar difficult.

House Bill 2164 goes into effect on September 30, 2019. We will be working with Oregon Housing and Community Services on a plan for marketing the tax credit during the balance of 2019. We will provide updates this summer as we know more about the plan to implement the changes enacted by the Legislature.

The Initiative is fully funded through March 30, 2020. There is a short legislative session in February 2020. At that time, additional adjustments to the IDA credit may be possible. The Initiative is also up for renewal in 2021. Stay tuned this summer and fall as we explore our options and make plans for future sessions. If you would like to be involved, please reach out to Carlos David Garcia at cgarcia@neighborhoodpartnerships.org or Janet Byrd at jbyrd@neighborhoodpartnerships.org