Bill Text: OR SB451 | 2013 | Regular Session | Introduced

Oregon Senate Bill 451 (Prior Session Legislation)

Bill Title: Relating to accelerated depreciation; prescribing an effective date.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB451 Detail]

Download: Oregon-2013-SB451-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 2061

                         Senate Bill 451

Sponsored by Senator GEORGE (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.

  Allows accelerated depreciation of qualifying assets for income
or corporate excise tax purposes.
  Applies to qualifying assets placed in service in tax years
beginning on or after January 1, 2013, and before January 1,
2017.
  Takes effect on 91st day following adjournment sine die.

                        A BILL FOR AN ACT
Relating to accelerated depreciation; and prescribing an
  effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2013 Act is added to and made
a part of ORS chapter 314. + }
  SECTION 2. { +  (1) As used in this section, 'qualifying asset
' means an asset that qualifies for depreciation under section
167 of the Internal Revenue Code.
  (2) There may be subtracted from federal taxable income that
portion of the cost of a qualifying asset that exceeds the amount
allowed as a deduction for depreciation of a capital asset on the
taxpayer's federal return, not to exceed $750,000, in any tax
year.
  (3) Amounts subtracted from federal taxable income under
subsection (2) of this section must thereafter be added to
federal taxable income in the tax year in which the amounts are
otherwise deductible. + }
  SECTION 3.  { + Section 2 of this 2013 Act applies to
qualifying assets placed in service in tax years beginning on or
after January 1, 2013, and before January 1, 2017. + }
  SECTION 4.  { + This 2013 Act takes effect on the 91st day
after the date on which the 2013 regular session of the
Seventy-seventh Legislative Assembly adjourns sine die. + }
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