71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 302
 
                           A-Engrossed
 
                         House Bill 2550
                  Ordered by the House June 13
            Including House Amendments dated June 13
 
Sponsored by Representatives BUTLER, SIMMONS; Representatives
  BACKLUND, CARLSON, DOYLE, GARRARD, HAYDEN, HILL, KNOPP,
  KRIEGER, KROPF, KRUMMEL, KRUSE, MINNIS, NELSON, PATRIDGE, G
  SMITH, T SMITH, C WALKER, WILSON, WINTERS, WITT, ZAUNER
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure.
 
    { - Modifies formula used to apportion business income under
Uniform Division of Income for Tax Purposes Act. Reduces
contribution from property and payroll factors and increases
contribution from sales factor. Phases in changes over three-year
period. - }
   { +  Requires taxpayer not to take into account amount of
accelerated 10 percent tax rate bracket credit or advance refund
of credit in computing taxpayer's federal tax subtraction for tax
years beginning on or after January 1, 2001, and before January
1, 2002. + }
 
                        A BILL FOR AN ACT
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. + }
                         ----------