Following the release of the state economists’ economic and revenue forecast this morning, Oregon Manufacturers and Commerce (OMC) renewed its call for Governor Brown and state lawmakers to consider temporary tax relief measures amid the ongoing coronavirus-caused recession. OMC specifically urged state leaders to consider policy options that would protect manufacturing, one of the hardest hit industries since the outset of the pandemic, from further and potentially permanent losses.
“As we saw from today’s economic revenue forecast, manufacturing has been hammered by the coronavirus recession. Manufacturing losses in Oregon are particularly pronounced when compared to the U.S. average,” said Shaun Jillions, OMC’s Executive Director. “The data is clear. Without bold action from our state leaders, manufacturers will close their doors and the industry as a whole may never recover. The focus of the 2021 legislative session must be on protecting the industries that form the bedrock of our state’s economy, including manufacturing, as well as restoring lost jobs and lost wages for Oregonians.”
OMC and other employer groups previously called on Governor Brown and lawmakers to consider a variety of actions meant to support employers through the pandemic, including a temporary suspension of the state’s Corporate Activity Tax (CAT), early in the pandemic. Though state leaders have so far declined to support any of those concepts, OMC renewed that call today in advance of the 2021 legislative session. OMC also urged lawmakers to maintain key provisions of the federal CARES Act, including allowing businesses to fully deduct the unprecedented losses associated with the pandemic.
Oregon’s quarterly economic and revenue forecast was presented to state lawmakers this morning. You can view a copy of the presentation here.