71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
HA to HB 2111
 
LC 380/HB 2111-4
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2111
 
     By COMMITTEE ON SCHOOL FUNDING AND TAX FAIRNESS/REVENUE
 
                              May 3
 
  On page 1 of the printed bill, line 9, delete '$20,000' and
insert '$12,500'.
  In line 15, delete '$20,000' and insert '$12,500'.
  After line 18, insert:
  ' (4)(a) For each tax year beginning on or after July 1, 2003,
the Department of Revenue shall recompute the maximum amount of
the assessed value of taxable personal property for which ad
valorem property taxes may be canceled under this section. The
computation shall be as follows:
  ' (A) Divide the average U.S. City Average Consumer Price Index
for the first six months of the current calendar year by the
average U.S. City Average Consumer Price Index for the first six
months of 2002.
  ' (B) Recompute the maximum amount of assessed value for which
taxes may be canceled by multiplying $12,500 by the appropriate
indexing factor determined as provided in subparagraph (A) of
this paragraph.
  ' (b) As used in this subsection, 'U.S. City Average Consumer
Price Index' means the U.S. City Average Consumer Price Index for
All Urban Consumers (All Items) as published by the Bureau of
Labor Statistics of the United States Department of Labor.
  ' (c) If any change in the maximum amount of assessed value
determined under paragraph (a) of this subsection is not a
multiple of $500, the increase shall be rounded to the nearest
multiple of $500.'.
  On page 3, line 27, delete '$20,000' and insert 'the maximum
amount of the assessed value of taxable personal property for
which ad valorem property taxes may be canceled under ORS
308.250'.
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