Corvallis Business Incentives
Corvallis Business Incentives include Oregon Incentives, Enterprise zone Incentives, Oregon Tax advantages, and Low cost of business in Oregon
Link to Oregon Incentives Summary
The City of Corvallis has three Enterprise Zones: South Corvallis, Sunset Research Park, and the Hewlett-Packard campus. An enterprise zone exempts only new property that a job-creating business might build or install in the enterprise zone at some future time. Also, an enterprise zone exemption is temporary, usually lasting only three years, after which the property induced by these incentives is available for assessment.
The State of Oregon has other incentives, including a range of tax credits and energy incentives.
Oregon Taxes are Low
Oregon is one of four states without a sales tax.
A 2011 report by Ernst and Young on the best states for business, pronounced Oregon has the second-lowest business taxes on new investments.
Oregon Tax Structure
Oregon does NOT have …
- General sales and use tax
- Receipts/revenue tax
- Inventory tax
- Worldwide unitary tax
- Motor vehicle excise tax
- State capital tax on asset value
- Real Estate transfer tax
- Direct levies on intangible properties, e.g., stocks, bonds More…
The State collects net income taxes on corporations and personal income; local government is funded by property taxes.
Taxes levied includes Personal and Corporate Income Tax, Employment Tax, Workers Compensation, which has a lower rate structure. Oregon also has low Motor Vehicle fees.
Capitol – Gov. Office, Capitol Bldg., Salem OR 97310; 1-503-378-4423.
Consolidated compressed property tax rate for the fiscal year of 1999-2000 in Benton County was $16.75/$1000 est.
The Cities and Benton County have no general business licenses/fee.
Business Cost Comparisons
Example annual cost of running a small business in Oregon
- Oregon manufacturing firm with 20 employees looking to relocate
- $2 million in real property
- $6 million in equipment
- Sells 50% of its product in-state; 50% out-of-state
- $7.5 million in annual sales resulting in $25,000 taxable income
- Consumes 120,000 kWh electricity per month; 7,800 kcf natural gas per year
|Employee gross payroll||$903,900||$879,680||$1,007,720|
|Corporate income/other taxes*||$2,000||$1,658||$36,300|
|Annual property tax||$125,600||$85,600||$72,000|
|Annual tax on current purchases||$0||$33,975||$32,438|
|Tax on capital purchases||$0||$543,600||$1,305|
|Total operating costs, initial capital taxes||$1,208,929||$1,768,474||$1,323,177|
|Difference from Oregon||+ $559,545||+ $114,248|