71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
HA to HB 2550
 
LC 302/HB 2550-1
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2550
 
     By COMMITTEE ON SCHOOL FUNDING AND TAX FAIRNESS/REVENUE
 
                             June 13
 
  In line 2 of the printed bill, after 'taxation' insert a period
and delete the rest of the line.
  Delete lines 4 through 24 and insert:
  '  { +  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. + } '
.
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