U.S. Sen. Ron Wyden met with Eugene-area business owners on Friday at the Ninkasi Tasting Room to discuss a bipartisan tax relief bill that he says will benefit both families and businesses.
Called the “Tax Relief for American Families and Workers Act,” Wyden said the legislation plans to increase tax incentives for research and development and create write-offs for equipment investments.
“The way I'd sum it up, for small businesses, this tax relief legislation is one big deal,” said Wyden.
According to the Senator, the bill would also allow low-income families with multiple children to take better advantage of the child tax credit.
Lauren Lanahan, an Associate Professor of Management at the University of Oregon Lundquist College of Business, also spoke at the event. She said the bill could initiate “spillover effects” that would benefit the market more broadly.
“As you’re lowering that barrier to entry for other ventures with credits like this one, you’re gonna have a lot more experimentation among aspiring ventures, and I think there’s really positive market returns in that regard as well,” said Lanahan.
Wyden is pushing for the legislation to be approved this summer. The U.S. House approved it in January but it’s remained stalled in the Senate since then.
If the bill succeeds, Wyden says Oregonians may be able to receive relief in as little as weeks after its passing.
