Bill Text: OR SB882 | 2011 | Regular Session | Introduced
Bill Title: Relating to accelerated depreciation of capital assets; prescribing an effective date.
Spectrum: Partisan Bill (Republican 4-0)
Status: (Failed) 2011-06-30 - In committee upon adjournment. [SB882 Detail]
Download: Oregon-2011-SB882-Introduced.html
76th OREGON LEGISLATIVE ASSEMBLY--2011 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 3726 Senate Bill 882 Sponsored by Senator OLSEN; Senators TELFER, THOMSEN, Representative PARRISH 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, 2011. 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 2011 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 2011 Act applies to tax years beginning on or after January 1, 2011. + } SECTION 4. { + This 2011 Act takes effect on the 91st day after the date on which the 2011 regular session of the Seventy-sixth Legislative Assembly adjourns sine die. + } ----------