Lawmakers in Oregon have approved a bill that could see sporting goods company Nike commit to the creation of 500 jobs and $150m in capital investment over five years.

The Economic Impact Investment Act authorises Oregon Governor John Kitzhaber to enter into agreements with companies committing to significant job growth and investment in the State, and reassures them that tax rules will not change after they make their investments.

In a statement sent to just-style today (17 December), Nike said: "We appreciate the legislative leadership, Committee leaders, and the entire Oregon Legislature's willingness to act quickly and decisively.

"This is a very positive step forward, not only for our company but for the State of Oregon. We are looking forward to reaching an agreement with the Governor as soon as possible."

Following approval of the legislation on Friday, joint committee co-chair Ginny Burdick (D-Portland) said the proposal "will create jobs and improve our economy."

Oregon is home to Nike’s world headquarters, with more than 8,000 jobs in Washington County. Since 2007, the sporting goods company has seen its employment in Oregon grow by nearly 60%.