Oregon expands tax break that brought Facebook - KPTV - FOX 12

Oregon expands tax break that brought Facebook

Posted: Updated:
SALEM, OR (AP) -

Oregon is expanding the type of tax breaks that brought Facebook and Apple to Crook County.

The state announced Monday that it's approved three new enterprise zones in struggling areas of Portland, Beaverton and Veneta, opening the door for businesses to earn tax breaks for
investing in those neighborhoods. An existing zone in Springfield also was upgraded to allow more generous tax breaks.

They're the first new enterprise zones created under a bill, approved this year by the Legislature, allowing up to eight new zones.

Businesses that build new operations or expand existing ones inside an enterprise zone can avoid paying property taxes on the value of their improvements, usually for three to five years. To qualify, they have to create at least one job, sometimes more.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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