Chapter 795 Oregon Laws 2001

AN ACT

HB 2550

Relating to taxation.

Be It Enacted by the People of the State of Oregon:

SECTION 1. Section 2 of this 2001 Act is added to and made a part of ORS chapter 316.

SECTION 2. (1) Notwithstanding ORS 316.680, for a tax year beginning on or after January 1, 2001, and before January 1, 2002, the subtraction from federal taxable income for amounts of federal income taxes less refunds of federal taxes described in ORS 316.680 (1)(b) may not take into account the amount of any accelerated 10 percent tax rate bracket credit allowed under section 6428 of the Internal Revenue Code, or advance refund of the credit allowed under section 6428(e) of the Internal Revenue Code.

(2) Notwithstanding ORS 316.012, as used in this section, “section 6428 of the Internal Revenue Code” means section 6428 of the federal Internal Revenue Code, as added by section 101 of the Economic Growth and Tax Relief Reconciliation Act of 2001.

Approved by the Governor July 18, 2001

Filed in the office of Secretary of State July 18, 2001

Effective date January 1, 2002

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