71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
Enrolled
Senate Bill 188
Sponsored by Senators FERRIOLI, GORDLY
CHAPTER ................
AN ACT
Relating to financial institution tax credits.
Be It Enacted by the People of the State of Oregon:
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. + }
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Enrolled Senate Bill 188 (SB 188-A) Page 1
Passed by Senate June 7, 2001
...........................................................
Secretary of Senate
...........................................................
President of Senate
Passed by House June 18, 2001
...........................................................
Speaker of House
Enrolled Senate Bill 188 (SB 188-A) Page 2
Received by Governor:
......M.,............., 2001
Approved:
......M.,............., 2001
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2001
...........................................................
Secretary of State
Enrolled Senate Bill 188 (SB 188-A) Page 3