72nd OREGON LEGISLATIVE ASSEMBLY--2003 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 2188
 
                         House Bill 2599
 
Sponsored by Representative NELSON
 
 
                             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.
 
   Creates income or corporate excise tax credit for
contributions to Eliminate Homelessness Trust Fund. Establishes
Eliminate Homelessness Trust Fund and continuously appropriates
fund moneys to Housing and Community Services Department for
providing shelter to homeless individuals and providing low
income housing.
  Applies to tax years beginning on or after January 1, 2003.
  Takes effect on 91st day following adjournment sine die.
 
                        A BILL FOR AN ACT
Relating to taxation; appropriating money; and prescribing an
  effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) A taxpayer shall be allowed a credit
against the taxes otherwise due under ORS chapter 316 for amounts
contributed during the tax year to the Eliminate Homelessness
Trust Fund established under section 3 of this 2003 Act.
  (2) A taxpayer that is a corporation shall be allowed a credit
against the taxes otherwise due under ORS chapter 317 or 318 for
amounts contributed during the tax year to the Eliminate
Homelessness Trust Fund.
  (3) The amount of the credit shall equal 50 percent of the
amount contributed, in cash or property, to the Eliminate
Homelessness Trust Fund, but may not exceed the tax liability of
the taxpayer.
  (4) The credit allowed under this section may not be carried
over to another tax year.
  (5) The credit allowed under this section is in addition to any
charitable contribution deduction allowable to the taxpayer.
  (6) In the case of a credit allowed under this section for
purposes of ORS chapter 316:
  (a) A nonresident shall be allowed the credit under this
section in the proportion provided in ORS 316.117.
  (b) If a change in the status of a taxpayer from resident to
nonresident or from nonresident to resident occurs, the credit
allowed under this section shall be determined in a manner
consistent with ORS 316.117.
  (c) A husband and wife who file separate returns for a taxable
year may each claim a share of the tax credit that would have
been allowed on a joint return in proportion to the contribution
of each.
  (d) If a change in the taxable year of a taxpayer occurs as
described in ORS 314.085, or if the Department of Revenue
terminates the taxpayer's taxable year under ORS 314.440, the
credit allowed under this section shall be prorated or computed
in a manner consistent with ORS 314.085. + }
  SECTION 2.  { + Section 1 of this 2003 Act applies to tax years
beginning on or after January 1, 2003. + }
  SECTION 3.  { + (1) The Eliminate Homelessness Trust Fund is
established, separate and distinct from the General Fund.
Interest earned by the Eliminate Homelessness Trust Fund shall be
credited to the Eliminate Homelessness Trust Fund.
  (2) Moneys in the Eliminate Homelessness Trust Fund are
continuously appropriated to the Housing and Community Services
Department for the purposes of providing shelter for homeless
individuals and providing low income housing. + }
  SECTION 4.  { + 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. + }
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