Chapter 432 Oregon Laws 2003

AN ACT

SB 858

Relating to enterprise zones; and prescribing an effective date.

Be It Enacted by the People of the State of Oregon:

SECTION 1. Sections 2 and 3 of this 2003 Act are added to and made a part of ORS 285B.650 to 285B.728.

SECTION 2. (1) Notwithstanding ORS 285B.704 (1)(d), (e) or (h) or (3), an eligible business firm is a qualified business firm if:

(a) The firm completes an investment of $20 million or more in qualified property on or before December 31 preceding the first assessment year for which exemption under ORS 285B.698 is sought;

(b) The zone sponsor approves the extension of property tax benefits to the firm; and

(c) The firm was precertified on or after January 1, 2000, and before January 1, 2001.

(2) The approval of the zone sponsor to extend property tax benefits to the firm shall be documented by resolution of the governing body of the sponsor. The resolution may:

(a) Modify or waive minimum employment requirements specified in a prior resolution adopted by the sponsor under ORS 285B.704 (3); and

(b) Specify application to past, current or future tax years.

(3) A resolution described in subsection (2) of this section must be adopted by the governing body of the zone sponsor on or before June 30, 2004.

(4) An eligible business firm that satisfies the requirements of subsection (1) of this section shall be deemed to satisfy the requirements of ORS 285B.704.

(5) Upon satisfying the requirements of subsection (1) of this section, the qualified property of the business firm shall be exempt from tax for the years specified in the resolution of the zone sponsor and in which the qualified property of the firm meets the requirements for exemption under ORS 285B.698.

SECTION 3. (1) A qualified business firm described in section 2 of this 2003 Act that has received the approval of the zone sponsor under section 2 (1)(b) of this 2003 Act may apply in writing to the county assessor for the refund of any property taxes imposed on the qualified property described in section 2 (1)(a) of this 2003 Act for the tax year beginning July 1, 2002, and any related interest or penalties, that have been paid by the firm.

(2) Upon receipt of the application for refund, the county assessor shall determine the amount to be refunded and shall certify that amount to the county treasurer.

(3) The county treasurer shall refund the amount certified, out of the refund reserve account established under ORS 311.807 or out of the unsegregated tax collections account described in ORS 311.385, to the business firm. Interest may not be paid on the refund.

(4) If property taxes, interest or penalties described in subsection (1) of this section have not been paid, such amounts shall be abated.

SECTION 4. Sections 2 and 3 of this 2003 Act are repealed December 31, 2007.

SECTION 5. This 2003 Act takes effect on the 91st day after the date on which the regular session of the Seventy-second Legislative Assembly adjourns sine die.

Approved by the Governor June 23, 2003

Filed in the office of Secretary of State June 23, 2003

Effective date November 26, 2003

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