(Photo above courtesy of EDCO)
Experts Fear Proposed Corporate Tax Measure Could Harm Business Climate
Bend-Redmond was ranked 8th best-performing small metro area in the country for 2015 in terms of job growth and other key indicators according to a study by renowned think tank group The Milken Institute, a record crowd was told at the recent Economic Development for Central Oregon (EDCO) annual luncheon.
Over 600 attendees at the Riverhouse Convention Center heard EDCO leaders report on continued progress last year regarding the organization’s business recruitment, retention and expansion efforts, while keynote speakers also revealed concrete evidence of regional economic improvement – though a proposed tax reform initiative could threaten to derail the state’s attractiveness to corporations.
EDCO Executive Director Roger Lee pointed to recent highlights in “moving the needle” economically over the preceding 12 months including the securing of air service to Arizona, while videos illustrated local success stories helped by EDCO’s “Move, Start, Grow” mission, including the expansion of Nosler Inc. which acquired 60 acres close to Redmond Airport for additional facilities following the family-owned ammunition manufacturer’s recent purchase of Silver State Armory.
Milken Institute Associate Director, Regional Economics Research, Minoli Ratnatunga, said the Bend-Redmond area moved up 38 places in the small metro best-performing national rankings last year, helped in part by Central Oregon’s relative diversity in a growing high-tech industry sector.
She advocated for developing talent and appropriate skills as one of the major next steps in further grooming a high-tech hub, aided by local higher education institutions and a supportive culture.
Fellow speaker Nicole Keading, an economist with the Center for State Tax Policy at the Tax Foundation, said Oregon ranked somewhat in the lower middle level nationally for business tax climate, and that the state’s tax structure was potentially due for reform, but warned that a proposed measure – “Initiative Petition 28” – sponsored by public unions for consideration later this year seeking a relatively substantial gross receipts tax for firms with sales in excess of $25 million could see the state plummet to perception as the worst such ranking in the country.
About EDCO
Founded in 1981, EDCO is a non-profit corporation supported by private and public members and stakeholders with a mission to create a diversified local economy and a strong base of middle class jobs in Central Oregon. Its focus is on helping companies:
Move. Guiding employers outside the region through the relocation process as a resource for regional data, incentives, talent, site selection, and more.
Start. Mentoring and advising scalable young companies from concept to exit on issues such as access to capital, critical expertise, and strategy.
Grow. Partnering with local traded-sector companies to help them grow and expand.
About The Milken Institute
The Milken Institute is a nonprofit, nonpartisan think tank aiming to increase global prosperity by advancing collaborative solutions that widen access to capital, create jobs and improve health through independent, data-driven research, action-oriented meetings and meaningful policy initiatives.
About The Tax Foundation
The Tax Foundation is a Washington, D.C.-based think tank founded in 1937 that collects data and publishes research studies on US tax policies at both the federal and state levels.
