71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
HA to HB 2280
 
LC 1910/HB 2280-1
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2280
 
     By COMMITTEE ON SCHOOL FUNDING AND TAX FAIRNESS/REVENUE
 
                             May 18
 
  On page 1 of the printed bill, line 2, after the second
semicolon delete the rest of the line and line 3 and insert 'and
amending ORS 315.610.'.
  Delete lines 5 through 30 and delete page 2 and insert:
  '  { +  SECTION 1. + } ORS 315.610 is amended to read:
  ' 315.610. (1) A taxpayer shall be allowed a credit against the
taxes otherwise due under ORS chapter 316 (or, if the taxpayer is
a corporation, under ORS chapter 317 or 318) for premium costs
actually paid or incurred during the tax year for a long term
care insurance policy:
  ' (a) For long term care coverage of the taxpayer or a
dependent or parent of the taxpayer; or
  ' (b) That is offered by the taxpayer to employees of the
taxpayer that are employed in this state.
  ' (2) The amount of the credit allowed under this section shall
equal the lesser of:
  ' (a) { + (A) + }   { - Fifteen - }   { + For policies first
issued prior to January 1, 2000, 10 percent of the total amount
of long term care insurance premiums paid or incurred by the
taxpayer during the tax year; or
  ' (B) For policies first issued on or after January 1, 2000,
15 + } percent of the total amount of long term care insurance
premiums paid or incurred by the taxpayer during the tax year; or
  ' (b)(A) If the long term care insurance coverage is for the
taxpayer and the dependents or parents of the taxpayer, $500; or
  ' (B) If the long term care insurance coverage is for
Oregon-based employees of the taxpayer and their dependents or
parents, $500 multiplied by the number of employees covered.
  '  { - (3) A credit may not be allowed under this section if
the policy was first issued prior to January 1, 2000. - }
  '  { - (4) - }  { +  (3) + } The credit allowed under this
section may not exceed the tax liability of the taxpayer and may
not be carried forward to another tax year.
  '  { - (5) - }  { +  (4) + } In the case of a credit allowed
under this section for purposes of ORS chapter 316:
  ' (a) A nonresident shall be allowed the credit under this
section in the proportion provided in ORS 316.117.
  ' (b) If a change in the status of a taxpayer from resident to
nonresident or from nonresident to resident occurs, the credit
allowed by this section shall be determined in a manner
consistent with ORS 316.117.
  ' (c) A husband and wife who file separate returns for a
taxable year may each claim a share of the tax credit that would
have been allowed on a joint return in proportion to the
contribution of each.
  ' (d) If a change in the taxable year of a taxpayer occurs as
described in ORS 314.085, or if the Department of Revenue
terminates the taxpayer's taxable year under ORS 314.440, the
credit allowed under this section shall be prorated or computed
in a manner consistent with ORS 314.085.
  '  { - (6) - }  { +  (5) + } As used in this section, 'long
term care insurance' has the meaning given that term in ORS
743.652.
  '  { +  SECTION 2. + }  { + The amendments to ORS 315.610 by
section 1 of this 2001 Act apply to tax years beginning on or
after January 1, 2003. + }
  '  { +  SECTION 3. + } ORS 315.610, as amended by section 1 of
this 2001 Act, is amended to read:
  ' 315.610. (1) A taxpayer shall be allowed a credit against the
taxes otherwise due under ORS chapter 316 (or, if the taxpayer is
a corporation, under ORS chapter 317 or 318) for premium costs
actually paid or incurred during the tax year for a long term
care insurance policy:
  ' (a) For long term care coverage of the taxpayer or a
dependent or parent of the taxpayer; or
  ' (b) That is offered by the taxpayer to employees of the
taxpayer that are employed in this state.
  ' (2) The amount of the credit allowed under this section shall
equal the lesser of:
  ' (a)  (A)  { - For policies first issued prior to January 1,
2000, 10 percent of the total amount of long term care insurance
premiums paid or incurred by the taxpayer during the tax year;
or - }
  '  { - (B) For policies first issued on or after January 1,
2000, 15 - }  { +  Fifteen + } percent of the total amount of
long term care insurance premiums paid or incurred by the
taxpayer during the tax year; or
  ' (b)(A) If the long term care insurance coverage is for the
taxpayer and the dependents or parents of the taxpayer, $500; or
  ' (B) If the long term care insurance coverage is for
Oregon-based employees of the taxpayer and their dependents or
parents, $500 multiplied by the number of employees covered.
  ' (3) The credit allowed under this section may not exceed the
tax liability of the taxpayer and may not be carried forward to
another tax year.
  ' (4) In the case of a credit allowed under this section for
purposes of ORS chapter 316:
  ' (a) A nonresident shall be allowed the credit under this
section in the proportion provided in ORS 316.117.
  ' (b) If a change in the status of a taxpayer from resident to
nonresident or from nonresident to resident occurs, the credit
allowed by this section shall be determined in a manner
consistent with ORS 316.117.
  ' (c) A husband and wife who file separate returns for a
taxable year may each claim a share of the tax credit that would
have been allowed on a joint return in proportion to the
contribution of each.
  ' (d) If a change in the taxable year of a taxpayer occurs as
described in ORS 314.085, or if the Department of Revenue
terminates the taxpayer's taxable year under ORS 314.440, the
credit allowed under this section shall be prorated or computed
in a manner consistent with ORS 314.085.
  ' (5) As used in this section, 'long term care insurance' has
the meaning given that term in ORS 743.652.
  '  { +  SECTION 4. + }  { + The amendments to ORS 315.610 by
section 3 of this 2001 Act apply to tax years beginning on or
after January 1, 2005. + } ' .
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