71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
HA to HB 3127
 
LC 2864/HB 3127-5
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 3127
 
     By COMMITTEE ON SCHOOL FUNDING AND TAX FAIRNESS/REVENUE
 
                             May 29
 
  On page 1 of the printed bill, delete lines 4 through 28 and
delete page 2 and insert:
  '  { +  SECTION 1. + }  { + Sections 2 and 3 of this 2001 Act
are added to and made a part of ORS 308.505 to 308.665. + }
  '  { +  SECTION 2. + }  { + (1) The real market value of
railroad property may not be increased by any increase in value
caused by any newly constructed or rehabilitated rail line
improvements or rail crossing improvements or newly acquired
equipment used primarily for the maintenance or repair of rail
lines, for the tax year in which the newly constructed,
rehabilitated or acquired property is first placed in service, as
of the assessment date, and the four immediately succeeding tax
years.
  ' (2) Following the fifth tax year, the newly constructed or
rehabilitated rail line or rail crossing improvements or newly
acquired equipment shall be disqualified from partial exemption
under this section.
  ' (3) Subsection (1) of this section applies to railroad
property that is owned or leased by a Class II or Class III
railroad, or property that is owned or leased by a Class I
railroad and used, in whole or part, for commuter rail service.
  ' (4) As used in this section, 'commuter rail service' means
rail service:
  ' (a) Designed to carry passengers no more than 50 miles
between outlying suburban areas and central locations within an
urban area; and
  ' (b) Primarily, but not exclusively, used during morning and
evening periods for travel to and from work. + }
  '  { +  SECTION 3. + }  { + (1) A railroad company seeking to
claim a partial exemption under section 2 of this 2001 Act shall
file with the Department of Revenue, on or before March 15 of
each year, in such form as the department may prescribe, a
statement of all property described in section 2 of this 2001 Act
that was newly constructed, rehabilitated or acquired during the
preceding calendar year and that was in service as of the
assessment date.
  ' (2) The department shall review the statement and may
physically appraise the property listed on the statement. If the
property meets the requirements of section 2 of this 2001 Act,
the department may not include any value for the property listed
on the statement in the real market value of all property of the
company otherwise determined under ORS 308.505 to 308.665.
  ' (3) Subsection (2) of this section applies to the tax year
for which the statement is filed under this section and to the
four immediately succeeding tax years. + }
  '  { +  SECTION 4. + }  { + Sections 2 and 3 of this 2001 Act
apply to improvements or equipment newly constructed,
rehabilitated or acquired on or after July 1, 2002, and before
July 1, 2012. + } ' .
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