ARTICLE
Initiative Petition 17 is a proposed statewide measure that is currently gathering signatures to appear on the November ballot. The measure would establish a 3% corporate minimum tax on all Oregon gross sales above $25 million to fund a universal income program for ALL Oregon residents, despite income. The estimated dollar amount that the program would fund would be roughly $750 per person annually. The ‘yes’ campaign working to support the measure is being referred to as "Oregon Rebate 2024" and is being funded almost solely from out-of-state money, primarily from shadow groups operating out of California. Despite not knowing that the measure will actually appear on the ballot, the lead business group coalescing a campaign to defeat the measure is likely to be Oregon Business and Industry. HBA and our partners in the business advocacy community are currently assessing options and strategies to defeat the measure in the fall. Given the proposed structure of the measure, it could be disastrous for local homebuilders, who’s high-volume operating models would be disproportionally impacted by this tax, further exacerbating the housing affordability crisis gripping our state. Large Oregon-based companies have signaled that they take this as a serious threat and there is already talk of raising millions of PAC funds to beat it in November. HBA and OHBA will coordinate our support to ensure our members are aware of the impact this could have on the industry and housing. We'll know more in the next several weeks as to whether the measure will have enough signatures to qualify in November, though it appears that they will hit their target.
Initiative Petition 17 is a proposed statewide measure that is currently gathering signatures to appear on the November ballot. The measure would establish a 3% corporate minimum tax on all Oregon gross sales above $25 million to fund a universal income program for ALL Oregon residents, despite income. The estimated dollar amount that the program would fund would be roughly $750 per person annually. The ‘yes’ campaign working to support the measure is being referred to as "Oregon Rebate 2024" and is being funded almost solely from out-of-state money, primarily from shadow groups operating out of California. Despite not knowing that the measure will actually appear on the ballot, the lead business group coalescing a campaign to defeat the measure is likely to be Oregon Business and Industry. HBA and our partners in the business advocacy community are currently assessing options and strategies to defeat the measure in the fall. Given the proposed structure of the measure, it could be disastrous for local homebuilders, who’s high-volume operating models would be disproportionally impacted by this tax, further exacerbating the housing affordability crisis gripping our state.
Large Oregon-based companies have signaled that they take this as a serious threat and there is already talk of raising millions of PAC funds to beat it in November. HBA and OHBA will coordinate our support to ensure our members are aware of the impact this could have on the industry and housing. We'll know more in the next several weeks as to whether the measure will have enough signatures to qualify in November, though it appears that they will hit their target.