Why I voted NO on HB 4200, the Economic Investment Impact Act of 2012
"This was a hard vote. I am deeply appreciative of the public, who on short notice communicated their thoughts by email, phone, and personal testimony. I thank my many legislative colleagues--including those on the Special Committee on Economic Development--who worked into the wee hours to incorporate feedback and improve the bill. I will list the positive aspects of HB 4200 before explaining why I ultimately voted against it.
I respect the Governor's efforts over many decades to promote innovative solutions to Oregon's challenges. I am in favor of developing economic tools--including giving companies willing to expand in Oregon predictability about their tax structure--to promote job growth. We need to act expeditiously as well as prudently to balance the short-term needs of recovering from a recession, as well as our long-term needs. We need family wage jobs to fund education, public services, and infrastructure.
I appreciate Nike's unique history in Oregon, and I welcome its planned expansion of at least 500 new jobs and $150 million in capital investment. Our State benefits from the high quality jobs Nike offers in Oregon, the taxes it directly and indirectly generates, its environmental and diversity initiatives, and its corporate, foundation and employee donations to the community. I support working constructively with Nike and other companies to help them grow and invest in our State.
Some of the HB 4200 amendments that my colleagues and I advocated for did increase corporate accountability, reporting requirements, and transparency. I strongly support the change in the bill's sunset from ten years to one year, allowing the Legislature more thoughtful debate during the 2013 Regular Session.
However the following concerns compelled me to vote No: