Chapter 637 Oregon Laws 2001
AN ACT
SB 188
Relating to financial
institution tax credits.
Be It Enacted by the People of the State of Oregon:
SECTION 1.
(1) The Economic and Community
Development Department shall establish a work group to determine whether tax
credits or other tax-related incentives to financial institutions would improve
efforts by financial institutions to satisfy the credit needs of people in
rural areas or economically distressed areas.
(2) In order to make the
determination described in subsection (1) of this section, the work group must
study the effects of the federal Community Reinvestment Act of 1977 on lending
by local financial institutions, assess the current effectiveness of lending in
rural areas or economically distressed areas and consider aspects that may be
improved through the use of tax credits or other tax-related incentives to
financial institutions.
(3) The work group shall
include representatives from financial institutions, rural areas and
economically distressed areas and appropriate state agencies.
(4) The work group must
report its findings and make suggestions for appropriate legislation in time
for presession filing pursuant to ORS 171.130, for presentation to the
Seventy-second Legislative Assembly. The work group must request that any
legislation suggested by the work group indicate that the legislation is
introduced at the request of the work group.
(5) For purposes of this
section:
(a) “Economically
distressed area” means:
(A) Any enterprise zone
designated under ORS 285B.650 to 285B.728;
(B) Any federally
recognized Oregon Indian reservation; or
(C) Any county in which
the unemployment rate for the past two years averages 120 percent or more of
the statewide average unemployment rate for that same time period.
(b) “Rural area” means
any land that is located outside city limits and outside any urban growth
boundaries.
Approved by the Governor
June 27, 2001
Filed in the office of
Secretary of State June 27, 2001
Effective date January 1,
2002
__________