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 3647
 
                         House Bill 3348
 
Sponsored by Representative BECK
 
 
                             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 as
introduced.
 
  Requires personal income taxpayer to add back amounts deducted
from taxable income for federal tax purposes that are
attributable to mortgage interest on residence that is not
taxpayer's principal residence.
  Applies to tax years beginning on or after January 1, 2002.
 
                        A BILL FOR AN ACT
Relating to taxation; and providing for revenue raising that
  requires approval by a three-fifths majority.
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.  { + For purposes of computing taxable income under
this chapter, there shall be added to federal taxable income the
amount of qualified residence interest deducted on the federal
return of the taxpayer for the tax year under section 163 of the
Internal Revenue Code that is attributable to a qualified
residence that is not the taxpayer's principal residence under
section 121 of the Internal Revenue Code. + }
  SECTION 3.  { + Section 2 of this 2001 Act applies to tax years
beginning on or after January 1, 2002. + }
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