If you own a business or plan on targeting new locations, then this is the perfect opportunity to venture into Oregon.
Reasons to Diversify in Portland, Oregon
If this is your first time, venturing into Portland, you might want to gather as much information about the place and locality wherein you wish to start your business. One of the best ways is to subscribe or follow an Oregon business blog such as Stonewall Oregon that shares the latest updates on business, finance, and political news in Oregon.
Unlike other states or cities, Oregon does not have a sales tax, unless your business is into cigarettes, alcohol, or gasoline. If yes, then you are liable for excise tax.
Another added advantage is that you can carry forward your net operating losses for up to 15 years, thereby reducing your tax liability. They even have business incentive plans for small and medium businesses, thereby allowing potential entrepreneurs to start businesses in Oregon. Their incentive plans are:
· Oregon New Market Tax Credit (NMTC)
Offers below market rate investment options in low-income communities. If your application gets accepted, you can avail of 39% tax credit on your total investment up to 7 years
· Oregon Investment Advantage
This helps small and medium businesses to commence businesses in selected countries. This creates employment opportunities for the locals, and you can be partially exempted from state business income tax liability for up to 8 years.
Oregon as the Business Hub
If you are still not convinced to expand your business in Oregon, then the below reasons might help you to decide:
- It is in a prime location with docks, intersections, and an airport offering nonstop services for cargo transfers
- Easy accessibility to transportation
- Downtown Portland is a tourist attraction for shopping, thereby a good place to invest into
- Oregon’s dedication in coming up with environmentally friendly buildings and renewable energy
Portland is a prime location to create a niche for your business. If you have a small or medium business, you can avail of their tax benefit plans and boost sales for your business.