Monday morning the first Public Hearing on disconnecting from this federal tax scam will begin at 8:30.

First Oregon made national news for its investor-centric use of Congress’ Opportunity Zone tax scam. The Bloomberg story “Cashing in on an Opportunity Zone” appeared Friday in the Oregonian with a great map showing exactly the outlines of the “low income” zone covering much of downtown and inner eastside Portland.

An online comment on that story hits it on the head: “In short, the city of Portland is gifting this largesse to the already wealthy at the expense of the poor it was intended to help. You mean, government just hands out favors to their friends? Say it ain’t so! It’s as true of Democrats as it is Republicans. This is public corruption. Braver men would have tarred and feathered these people.” 

And another, “Democrats cry about tax breaks for wealthy investors then give tax breaks to wealthy investors. Just like New York and Virginia did for Amazon.” Yup, it’s true, the city of Portland did ask for those specific census tracts to be named by the Governor as areas eligible for the tax breaks.

In Saturday’s story, “Oregon Goes Big on New Trump Tax Break” local writers Njus and Borrud continued the discussion. They captured some choice words explaining the program from a conversation within Business Oregon: “It creates domestic tax havens. If I’m an investor, I park my capital gains in the safest company I can find in one of these zones and wait ten years to withdraw…tax free.” Their Oregonian story points to folks already signing up to get in on this investors’ bandwagon.

But we don’t have to stand by and let this eat away at Oregon’s tax revenue. 

HB 2144 disconnects Oregon from the effects of the federal law, saving an estimated $10.5 million in lost revenue in the current budget and $15.9 million in the next, but likely hundreds of millions beginning 12 years from now when folks start selling their property and pay no tax on their gains.

Please send testimony to lro.exhibits@oregonlegislature.gov by Friday at 4:00 so it will be posted for legislators to read during the hearing Monday morning. The House Revenue Committee is having a public hearing on the bill in Hearing Room A, beginning at 8:30 am. OF COURSE it would be even better if you came to the Capitol and testified, but do what you can, please. The hearing is in Hearing Room A.