Already suffering from the ills brought on by the coronavirus pandemic, Oregonians could soon endure rounds of teacher layoffs, diminished resources to fight wildfires, and fewer resources to protect foster children and vulnerable seniors. There is a serious risk of these and other harms coming to pass, as the state grapples with deep revenue shortfalls caused by the coronavirus economic crisis. In the blink of an eye, $1.9 billion vanished from the state budget (the Oregon General Fund). Even bigger revenue shortfalls are projected for the next two budget periods.

Until recently, it looked as though a tax subsidy for wealthy investors would finally have its day of reckoning. Oregon House Bill 4010 sought to pare back and make more transparent the so-called “Opportunity Zones” tax break.