Research accelerated by state tax breaks

Donors interested in giving to Oregon’s seven universities and to Oregon Health & Science University to help develop research are now eligible for a tax credit equal to 60 percent of their donation.

The tax break, called the University Venture Development Fund, focuses on supporting and expediting research in Oregon universities-from technology to entrepreneurial education–and bringing more money for research into Oregon institutions of higher education. The fund is meant to help research projects get greater recognition and be completed more quickly.

Each of the universities is eligible for a different-sized slice of $14 million in approved tax credits from the state–$800,000 at Portland State compared to $5.35 million at Oregon State University.

The first two donors to utilize the credit, Bill Newman and Gordon Hoffman, partners in the Portland-based company Northwest Technology Ventures, were announced Thursday at the public launch of the fund at PSU’s University Place.

As of 12:45 p.m. on Thursday, $464,000 in donations had been made toward four of the seven universities: Portland State, Oregon State, University of Oregon and Oregon Health & Science University. Representatives from the Oregon University System and each of the universities, including interim PSU President Michael Reardon, joined Oregon State Treasurer Randall Edwards and other state officials to launch the project during the hour-long session.

Senate Bill 582, which created the tax credit, passed through both the house and the senate, and was signed into law by Gov. Ted Kulongoski (D-Oregon) this year. Sen. Frank Morse (R-Albany), one of the driving forces behind the tax credit, said it is very unusual for a tax expenditure bill to pass in all committees and both houses without one dissenting voice.

The Oregon Innovation Council, a group created by Kulongoski in 2005 that focuses on growing Oregon and its economy, also sponsored the kickoff event.