Oregon Gov. John Kitzhaber has called a special session of the state legislature for this Friday, at which time he will request permission to enter an agreement with athletic manufacturer Nike (NYSE:NKE). Founded in Oregon, Nike made its debut with its iconic "swoosh" logo in 1972 and rapidly grew into a global phenomenon.
Gov. Kitzhaber said Nike would agree to create thousands of new jobs in the state if the government agreed not to change the corporate tax laws. The governor's office reported that Nike's investment would affect the economy by "more than $2 billion a year and (add) more than 12,000 new jobs by 2020." The 12,000 jobs are not all directly from Nike but include indirect and induced jobs resulting from the Nike agreement.
The Economic Impact Investment Act, if agreed to, would apply not only to Nike but also to any companies "committing to a minimum of 500 jobs and $150 million in capital investment over five years."
Kitzhaber, a Democrat, is serving his third term as Oregon's governor.
The Motley Fool owns shares of Nike. Motley Fool newsletter services recommend Nike. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.