71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
SA to SB 188
 
LC 1764/SB 188-3
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 188
 
                     By COMMITTEE ON REVENUE
 
                             June 5
 
  On page 1 of the printed bill, delete lines 4 through 28 and
delete pages 2 and 3 and insert:
  '  { +  SECTION 1. + }  { + (1) The Economic and Community
Development Department shall establish a work group to determine
whether tax credits or other tax-related incentives to financial
institutions would improve efforts by financial institutions to
satisfy the credit needs of people in rural areas or economically
distressed areas.
  ' (2) In order to make the determination described in
subsection (1) of this section, the work group must study the
effects of the federal Community Reinvestment Act of 1977 on
lending by local financial institutions, assess the current
effectiveness of lending in rural areas or economically
distressed areas and consider aspects that may be improved
through the use of tax credits or other tax-related incentives to
financial institutions.
  ' (3) The work group shall include representatives from
financial institutions, rural areas and economically distressed
areas and appropriate state agencies.
  ' (4) The work group must report its findings and make
suggestions for appropriate legislation in time for presession
filing pursuant to ORS 171.130, for presentation to the
Seventy-second Legislative Assembly. The work group must request
that any legislation suggested by the work group indicate that
the legislation is introduced at the request of the work group.
  ' (5) For purposes of this section:
  ' (a) 'Economically distressed area' means:
  ' (A) Any enterprise zone designated under ORS 285B.650 to
285B.728;
  ' (B) Any federally recognized Oregon Indian reservation; or
  ' (C) Any county in which the unemployment rate for the past
two years averages 120 percent or more of the statewide average
unemployment rate for that same time period.
  ' (b) 'Rural area' means any land that is located outside city
limits and outside any urban growth boundaries. + } ' .
                         ----------