Bill Text: OR HB2505 | 2013 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to tax expenditures.
Spectrum: Committee Bill
Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB2505 Detail]
Download: Oregon-2013-HB2505-Introduced.html
Bill Title: Relating to tax expenditures.
Spectrum: Committee Bill
Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB2505 Detail]
Download: Oregon-2013-HB2505-Introduced.html
77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session NOTE: Matter within { + braces and plus signs + } in an amended section is new. Matter within { - braces and minus signs - } is existing law to be omitted. New sections are within { + braces and plus signs + } . LC 2027 House Bill 2505 Introduced and printed pursuant to House Rule 12.00. Presession filed (at the request of House Interim Committee on Revenue) SUMMARY The following summary is not prepared by the sponsors of the measure and is not a part of the body thereof subject to consideration by the Legislative Assembly. It is an editor's brief statement of the essential features of the measure as introduced. Requires that revenue impact statement prepared on measure that would create tax expenditure include revenue impact for three consecutive biennia, beginning with current biennium. Requires future tax expenditures to sunset within six tax years of initial tax year in which tax expenditure is applicable. A BILL FOR AN ACT Relating to tax expenditures; amending ORS 173.025 and 315.050. Be It Enacted by the People of the State of Oregon: SECTION 1. ORS 173.025 is amended to read: 173.025. (1) The Legislative Fiscal Officer, with the aid of the Oregon Department of Administrative Services, Legislative Revenue Officer, state agencies and affected local governmental units, including school districts, shall prepare a fiscal impact statement on each measure reported out of a committee of the Legislative Assembly that could have an effect on expenditures of local governmental units, including school districts. (2) The Legislative Revenue Officer, with aid of the Legislative Fiscal Officer, the Department of Revenue, state agencies and affected local governmental units, including school districts, shall prepare a revenue impact statement on each measure reported out of a committee of the Legislative Assembly that could have any effect on revenues of local governmental units, including school districts. { + (3)(a) As used in this subsection, 'tax expenditure' has the meaning given that term in ORS 291.201. (b) If a revenue impact statement is prepared pursuant to subsection (2) of this section on a measure that creates a tax expenditure, the revenue impact statement must include the revenue impact of the measure for three consecutive biennia, beginning with the current biennium. + } SECTION 2. ORS 315.050 is amended to read: 315.050. { + (1) As used in this section, 'tax expenditure' has the meaning given that term in ORS 291.201. (2) + }Any tax credit enacted by the Legislative Assembly on or after January 1, 2010, shall apply for a maximum of six tax years beginning with the initial tax year for which the credit is applicable, unless the Legislative Assembly expressly provides for another period of applicability. { + (3) Any tax expenditure enacted by the Legislative Assembly on or after January 1, 2014, shall apply for a maximum of six tax years beginning with the initial tax year for which the tax expenditure is applicable, unless the Legislative Assembly expressly provides for another period of applicability. + } ----------