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 3681
 
                         House Bill 3695
 
Sponsored by Representative MERKLEY (at the request of Attorney
  General's Manufactured Housing Task Force)
 
 
                             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.
 
  Exempts long-term capital gain derived from sale of mobile home
or manufactured dwelling park if park is sold to nonprofit
corporation that holds park in trust for tenants or to legal
entity owned by majority of park residents.
  Applies to sales of parks occurring in tax years beginning on
or after January 1, 2002.
 
                        A BILL FOR AN ACT
Relating to tax on the sale of manufactured home parks to
  qualified tenant associations.
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) Net long term capital gain from the sale of
a mobile home or manufactured dwelling park is exempt from the
tax imposed under this chapter if the sale of the park is to:
  (a) A nonprofit corporation that holds the park in trust for
park tenants; or
  (b) A legal entity that is owned by a majority of the tenants
who reside in the park at the time of the sale.
  (2) As used in this section 'mobile home or manufactured
dwelling park' means a mobile home park as defined in ORS 446.003
or a manufactured dwelling park as defined in ORS 446.003. + }
  SECTION 3.  { + Section 4 of this 2001 Act is added to and made
a part of ORS chapter 317. + }
  SECTION 4.  { + (1) Net long term capital gain from the sale of
a mobile home or manufactured dwelling park is exempt from the
tax imposed under this chapter if the sale of the park is to:
  (a) A nonprofit corporation that holds the park in trust for
park tenants; or
  (b) A legal entity that is owned by a majority of the tenants
who reside in the park at the time of the sale.
  (2) As used in this section 'mobile home or manufactured
dwelling park' means a mobile home park as defined in ORS 446.003
or a manufactured dwelling park as defined in ORS 446.003. + }
  SECTION 5.  { + Sections 2 and 4 of this 2001 Act apply to
sales of mobile home and manufactured dwelling parks occurring in
tax years beginning on or after January 1, 2002. + }
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