Tell legislators: No tax subsidies for wealthy investors
We're making progress in limiting the damage to Oregon from the costly giveaway know as "Opportunity Zones" -- but we need your help.
House Bill 4010 is moving. The amended version of this bill pares back the "Opportunity Zones" tax break and shines the light on this tax subsidy program.
Even if you previously wrote to your lawmakers, write again urging them to support HB 4010 as amended.
“Opportunity Zones” are tax cuts for capital gains income benefiting investors who park their money in areas designated as “Opportunity Zones.”
It is one of many flawed provisions in the 2017 Trump tax scheme. Because Oregon automatically connects to parts of the federal tax code, we are on track to give out our own state-version of this tax subsidy, even though the Oregon legislature never voted for it.
Among other flaws, "Opportunity Zones" (1) subsidize investments that would happen anyway, simply padding investor profits with taxpayer dollars; (2) subsidize not just the rich, but the ultra-rich; (3) siphon off revenue that supports education and services that truly promote opportunity; and (4) risk accelerating gentrification.
Tell Oregon lawmakers to protect Oregonians by enacting House Bill 4010. While this bill, as amended, does not fully disconnect Oregon from the federal “Opportunity Zones,” it significantly pares back the tax break. It also brings much needed transparency to this tax subsidy for the wealthy by requiring investor funds to disclose information.