Bill Text: OR SB223 | 2013 | Regular Session | Introduced

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Bill Title: Relating to the strategic investment program; declaring an emergency.

Spectrum: Moderate Partisan Bill (Democrat 5-1)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB223 Detail]

Download: Oregon-2013-SB223-Introduced.html

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     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 2341

                         Senate Bill 223

Sponsored by Senators HASS, STEINER HAYWARD; Senator STARR,
  Representatives DOHERTY, READ (Presession filed.)

                             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.

  Clarifies that Oregon Department of Administrative Services
must transfer moneys from General Fund to Shared Services Fund as
part of strategic investment program.
  Extends application of laws requiring payment of moneys from
Shared Services Fund to taxing districts to tax years beginning
before January 1, 2029.
  Declares emergency, effective on passage.

                        A BILL FOR AN ACT
Relating to the strategic investment program; creating new
  provisions; amending ORS 285C.635 and section 6, chapter 905,
  Oregon Laws 2007; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + ORS 285C.635 and 285C.639 are added to and made
a part of ORS 285C.600 to 285C.626. + }
  SECTION 2. ORS 285C.635 is amended to read:
  285C.635. (1) Upon receipt of information compiled under ORS
285C.615, the Oregon Department of Administrative Services shall
determine the annual amount of personal income tax revenue
attributable to each eligible project for which an eligible
business firm received a property tax exemption under ORS
307.123.
  (2) In determining the amount of personal income tax revenue
attributable to each eligible project, the department may rely on
reasonable techniques of estimation, if appropriate.
  (3) In each fiscal year, the department shall transfer  { + an
amount equal to + } 50 percent of the cumulative amount for all
eligible projects determined under subsection (1) of this section
 { +  from the General Fund + } to the Shared Services Fund
established in ORS 285C.639.
  (4) The department shall adopt rules necessary to administer
this section.
  SECTION 3. Section 6, chapter 905, Oregon Laws 2007, is amended
to read:
   { +  Sec. 6. + } (1)   { - Sections 2 and 3 of this 2007
Act - }   { + ORS 285C.615 and 285C.635 + } apply to tax years
beginning on or after January 1, 2009, and before January 1,
 { - 2019 - }  { +  2029 + }.
  (2)   { - Sections 2 and 3 of this 2007 Act - }   { + ORS
285C.615 and 285C.635 + } apply only to income taxes generated as
the result of an eligible project that first becomes exempt from
property taxation under ORS 307.123 on or after January 1, 2008,
and continue to apply only as long as the project remains exempt.
  SECTION 4.  { + This 2013 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2013 Act takes effect on its
passage. + }
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