71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
SA to SB 764
 
LC 3512/SB 764-10
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 764
 
                     By COMMITTEE ON REVENUE
 
                             June 4
 
  On page 1 of the printed bill, line 2, before 'amending '
insert 'creating new provisions;'.
  On page 4, after line 15, insert:
  '  { +  SECTION 3. + }  { + (1) Notwithstanding ORS 315.304
(9), in the case of a pollution control facility for which
unexpired tax credits exist as of the tax year of the taxpayer
that begins in the 2001 calendar year, if the facility is in use
and operation during the tax year immediately following the third
succeeding tax year described in ORS 315.304 (9), any credit
under ORS 315.304 remaining unused may be carried forward to that
fourth succeeding tax year. If the facility is in use and
operation during the tax year immediately following the fourth
succeeding tax year, any credit under ORS 315.304 remaining
unused may be carried forward to that fifth succeeding tax year.
If the facility is in use and operation during the tax year
immediately following the fifth succeeding tax year, any credit
under ORS 315.304 remaining unused may be carried forward to that
sixth succeeding tax year, but may not be carried forward to any
tax year thereafter.
  ' (2) For purposes of this section, unexpired tax credits
include credits claimed pursuant to ORS 315.304 (2) and credits
carried over from previous tax years pursuant to ORS 315.304
(9). + }
  '  { +  SECTION 4. + }  { + Section 5 of this 2001 Act is added
to and made a part of ORS chapter 315. + }
  '  { +  SECTION 5. + }  { + (1) A taxpayer that is engaged in
agricultural plastic recycling and that is eligible to claim the
tax credit allowed under ORS 315.304 but does not have sufficient
tax liability to use the credit may elect to sell the credit to
another taxpayer.
  ' (2) Any compensation a taxpayer receives under this section
in return for any tax credit must be used to improve an existing
pollution control facility or acquire a new pollution control
facility to be used in the agricultural plastic recycling
operations of the taxpayer.
  ' (3) A taxpayer that elects to sell a tax credit under this
section must submit a request for a certificate from the
Department of Revenue. Any tax credit allowable to the taxpayer
under ORS 315.304 may be sold only after the department has
issued a certificate to the taxpayer. The certificate shall state
the date on which the pollution control facility was certified by
the Environmental Quality Commission under ORS 468.170 and the
amount of unused credit under ORS 315.304 that may be sold.
  ' (4) Upon receipt of the certificate, the taxpayer may sell
the credit to another taxpayer subject to tax under ORS chapter
316, 317 or 318 by transferring the certificate to the purchaser.
Both parties to the sale must enter into a written agreement that
explains the terms and conditions of the sale.
  ' (5) A taxpayer purchasing a tax credit pursuant to this
section may claim the credit as prescribed in ORS 315.304 (2) and
(9). Notwithstanding ORS 314.415, the taxpayer may file an
amended return claiming the credit by the later of the date
otherwise allowable under ORS 314.415 or six months following the
date the certificate is issued by the department. The taxpayer
shall affix the certificate to the amended return for the first
tax year for which a credit is claimed.
  ' (6) As used in this section, 'pollution control facility '
has the meaning given that term under ORS 468.155. + }
  '  { +  SECTION 6. + }  { + Section 7 of this 2001 Act is added
to and made a part of ORS chapter 316. + }
  '  { +  SECTION 7. + }  { + Any amount received as a payment
for the sale of a pollution control facility tax credit under
section 5 of this 2001 Act is exempt from the tax imposed under
this chapter. + }
  '  { +  SECTION 8. + }  { + Section 9 of this 2001 Act is added
to and made a part of ORS chapter 317. + }
  '  { +  SECTION 9. + }  { + Any amount received as a payment
for the sale of a pollution control facility tax credit under
section 5 of this 2001 Act is exempt from the tax imposed under
this chapter. + } ' .
  In line 16, delete '3' and insert '10'.
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