This morning, with a near unanimous vote in the Oregon State Senate, the tax credit bill that extends the IDA sunset passed the Legislature. We will be providing many more updates about the impact of the IDA renewal in the coming weeks.
But for the meantime we just want to say: Thank You!!!
Thank You Rep. Read
Also, special thanks to our legislative champion Rep. Tobias Read.
Join us on Wednesday, July 8th at 4pm for a celebration of the IDA renewal!
Update: With 45 Ayes the omnibus tax credits bill passed the house. On to the Senate!
The picture for the Oregon Individual Development Account (IDA) Initiative looks promising as we approach the closing of the 2015 Legislative Session. But we’re not out of the woods yet, so keep your party hats and balloons stowed away for now.
Yesterday, after ongoing negotiations, the Joint Committee on Tax Credits passed the omnibus tax credits bill that houses the tax credit that funds the IDA (HB 2171 -6), with a do pass recommendation, and with no objections.
The bill is scheduled for a House floor session today. However, continued negotiations make the complete schedule unpredictable.
The current bill version renews the IDA with a slight funding increase and includes the additional savings categories we were hoping for.
More to come this week. We’ll share the news as soon as we have it. Until then, keep refreshing those email inboxes and Facebook feeds.
Dear IDA Initiative supporters,
In the past few weeks we have asked you to write letters to your legislators about the importance of IDAs. Thank you so, so much for doing this and please keep those letters coming.
As I’ve been reading your letters, I realized I had a letter of my own to write, to all of you. And yes, it is a love letter.
On Wednesday we had our final Assets Opportunity Day of the 2015 legislative session. It was the perfect representation of what the Oregon IDA Initiative has come to mean to me. Jess Junke, Director of Economic Opportunity at Neighborhood Partnerships, started us off by asking each person in the room to say something about the lasting impact of IDAs.
Amber Starks, who used an IDA to start her small business, shared that IDAs bring hope to communities who have been systematically taught not to hope. Tenzin Sangpo, a student whose IDA made it possible for him to attend Mt Hood Community College and then transfer to Reed College, spoke about IDAs allowing students to live without fear, the fear of debt or having to quit school because of cost. Laina Green, IDA Program Coordinator at Neighborhood Partnerships, told a story about a saver who used an IDA to purchase a home that now serves as a community space. Laina explained that IDAs can be resources for whole communities, not just the savers who participate.
I don’t know of a single other resource that can do all of these things quite so well: bring hope, end fear, and transform individuals and communities simultaneously. In the few short months I’ve had this job, I have been pinching myself every day because I feel so lucky that I get to do work to make this incredible resource available to more Oregonians. It is an honor to do this work alongside all of you.
The legislature still has a lot of its own work to do before it wraps up. Our presence in Salem on Wednesday served to keep IDAs top-of-mind for our decision makers. At this point, our IDA bill has been rolled into the tax credit omnibus bill, HB 2093. Our request is the same: renewal, expansion, and an increase in funding for IDAs. We need to keep reminding our legislators to prioritize the IDA.
Thanks again for all of your amazing work.
P.S.: The IDA still needs your letters of support. Please send this link to your colleagues and ask them to write a letter to their legislator.
P.P.S. Check out some photos from Assets Opportunity Day here.
Jill Winsor is the Engagement and Development Coordinator for Neighborhood Partnerships.