Legislators look at cutting tax credits to even up budget

By Associated Press

Summary

One measure to offset it is already working its way toward approval. The legislation would cut the tax credits that have spurred Oregon's wind farm industry by $50 million.

Story Published: Feb 8, 2010 at 11:13 AM PDT

Story Updated: Feb 8, 2010 at 11:42 AM PDT

Legislators look at cutting tax credits to even up budget

File photo.

SALEM, Ore. (AP) - Oregon legislators have a budget hole of more than $180 million to fix.

A revenue forecast they got Monday said income taxes collections have been weaker than expected for the first eight months of the two-year budget.

When they began a four-week special session last week, legislators knew that a shortfall was ahead.

One measure to offset it is already working its way toward approval. The legislation would cut the tax credits that have spurred Oregon's wind farm industry by $50 million.

Legislators also expected to tap reserve funds, and the size of the shortfall increases the chances they'll start trimming agency budgets.

 

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

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