Bill Text: OR SB594 | 2013 | Regular Session | Introduced

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

Spectrum: Partisan Bill (Republican 3-0)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB594 Detail]

Download: Oregon-2013-SB594-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 1367

                         Senate Bill 594

Sponsored by Senators OLSEN, THOMSEN; Senator KNOPP

                             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 capital assets for income
tax purposes.
  Applies to tax years beginning on or after January 1, 2013.
  Takes effect on 91st day following adjournment sine die.

                        A BILL FOR AN ACT
Relating to accelerated depreciation of capital assets; 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, 'capital asset '
means an asset defined as a capital asset under section 1221 of
the Internal Revenue Code, except that it includes property, used
in the taxpayer's trade or business, of a character that is
subject to the allowance for depreciation provided in section 167
of the Internal Revenue Code, or real property used in the
taxpayer's trade or business.
  (2) In each of ___ consecutive tax years, there may be
subtracted from federal taxable income an amount equal to ___ of
the amount allowed as a deduction for depreciation of a capital
asset on the taxpayer's federal return.
  (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 tax years
beginning on or after January 1, 2013. + }
  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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