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 2186
 
                           A-Engrossed
 
                         House Bill 2729
                   Ordered by the House May 15
             Including House Amendments dated May 15
 
Sponsored by Representative WITT
 
 
                             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.
 
    { - Eliminates limitation on fields of research for which
research credit may be claimed. Increases percentage of expenses
that may be used to compute credit and maximum amount that
taxpayer can claim as credit. - }
    { - Modifies alternative research tax credit by basing credit
on percentage of qualified research expenses that exceed
percentage of average annual gross receipts. - }
    { - Permits either credit to be claimed by individuals and
other business entities in addition to corporations. - }
    { - Applies to research tax credits taken in tax years
beginning on or after January 1, 2002. - }
   { +  Extends sunset of certain research tax credits through
December 31, 2007. + }
 
                        A BILL FOR AN ACT
Relating to taxation; amending section 6, chapter 911, Oregon
  Laws 1989.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. Section 6, chapter 911, Oregon Laws 1989, as amended
by section 14, chapter 746, Oregon Laws 1995, is amended to read:
   { +  Sec. 6. + } ORS 317.152 to 317.154 and the amendments to
ORS 318.031 by section 5, chapter 911, Oregon Laws 1989, apply to
amounts paid or incurred in tax years beginning on or after
January 1, 1989, and   { - on or before December 31, 2001 - }
 { +  before January 1, 2008 + }.
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