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What are Tax Credits?
The 1995 Budget Accountability Act (ORS 291.201) defines a tax expenditure as: any law of the Federal Government or of this state that exempts, in whole or in part, certain persons, income, goods, services, or property from the impact of established taxes, including, but not limited to tax deductions, tax exclusions, tax subtractions, tax exemptions, tax deferrals, preferential tax rates, and tax credits.
For example, a program to encourage businesses to purchase pollution abatement equipment could be structured with an incentive in the form of a tax credit or a direct payment by the state to businesses.
To learn more about tax expenditure details, visit the ORS 291.201 link below.
The biennial tax expenditure report accompanies the Governor's recommended budget submitted to the Legislature before each session. It describes provisions of Oregon tax laws that impart special treatment to a group of taxpayers, such as exclusions, credits, deductions, and exemptions.
This report describes each provision and provides revenue loss estimates and evaluations of effectiveness. It also includes summary tables that group tax expenditures according to tax program and budget program/function.
Biennial Tax Expenditure Report
See ORS 291.203 for the statutory reference that requires these reports.