Bill Text: OR HB2763 | 2013 | Regular Session | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to economic development; and prescribing an effective date.

Sponsorship: Committee Bill

Status: (Passed) 2013-08-14 - Chapter 744, (2013 Laws): Effective date October 7, 2013. [HB2763 Detail]

Download: Oregon-2013-HB2763-Engrossed.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

SA to B-Eng. HB 2763

LC 3331/HB 2763-B13

                      SENATE AMENDMENTS TO
                   B-ENGROSSED HOUSE BILL 2763

               By COMMITTEE ON FINANCE AND REVENUE

                             June 26

  On page 1 of the printed B-engrossed bill, line 18, delete '
(a)'.
  Delete line 20.
  On page 2, delete lines 1 through 4 and insert:
  ' (5) Any tax credit otherwise allowable under this section
that is not used by the taxpayer in a particular tax year may be
carried forward and offset against the taxpayer's tax liability
for the next succeeding tax year. Any credit remaining unused in
the next succeeding tax year may be carried forward and used in
the second succeeding tax year. Any credit remaining unused in
the second succeeding tax year may be carried forward and used in
the third succeeding tax year. Any credit remaining unused in the
third succeeding tax year may be carried forward and used in the
fourth succeeding tax year. Any credit remaining unused in the
fourth succeeding tax year may be carried forward and used in the
fifth succeeding tax year, but may not be used in any tax year
thereafter.'.
  In line 36, delete '$10' and insert '$8'.
  After line 43, insert:
  '  { +  SECTION 1a. + }  { + The amendments to ORS 315.533 by
section 1 of this 2013 Act apply to qualified low-income
community investments made on or after January 1, 2014. + } ' .
  On page 4, delete lines 26 and 27 and insert:
  '  { +  SECTION 3. + }  { + The amendments to ORS 285C.650 by
section 2 of this 2013 Act apply to qualified equity investments
made on or after July 1, 2012. + } ' .
  On page 5, after line 26, insert:
  '  { +  SECTION 6. + }  { + (1) The Oregon Business Development
Department shall annually prepare a report that discloses all
costs and fees incurred by the department, or by any other state
agency, in administering, during the agency fiscal year ending
during the current calendar year, the tax credit allowed under
ORS 315.533.
  ' (2) The report required under this section shall also provide
information about qualified equity investments issued on or after
July 1, 2013, including, for the previous calendar year and for
tax years ending during the previous calendar year:
  ' (a) The amount of tax credit allowed for the qualified equity
investments under ORS 315.533;
  ' (b) The amount of tax credit claimed for the qualified equity
investments under ORS 315.533;
  ' (c) The costs and expenses of forming the qualified community
development entities that issued the qualified equity
investments, including but not limited to fees paid for
professional services, including legal and accounting services,
related to the formation and operation of the entities; and
  ' (d) Information with respect to qualified equity investments
and qualified low-income community investments that would be
reported as part of the institution level report and transaction

level reports submitted by qualified community development
entities pursuant to section 45D of the Internal Revenue Code.
  ' (3) The Oregon Business Development Department shall submit
the report required under this section to the Oregon Department
of Administrative Services no later than 30 days following the
effective date of this 2013 Act and, beginning in 2014, no later
than September 30 of each year. The information shall then be
posted on the Oregon transparency website required under ORS
184.483 no later than December 31 of the same year.
  ' (4) The information described in this section that is
available on the Oregon transparency website must be accessible
in the format and manner required by the Oregon Department of
Administrative Services.
  ' (5) The Oregon Business Development Department shall collect
data sufficient for the purpose of preparing the report required
under this section.
  ' (6) For purposes of this section, the Oregon Business
Development Department may not collect or report proprietary
information related to a taxpayer, taxpayers holding qualified
equity investments, qualified community development entities or
qualified active low-income community businesses, or information
about the specific terms of financial agreements pertaining to
any project. + } ' .
  In line 27, delete '6' and insert '7'.
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