Relating to taxation; creating new provisions; amending ORS 318.031; and providing for revenue raising that requires approval by a three-fifths majority.

 
 
 
     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 2296
 
                           A-Engrossed
 
                         House Bill 2747
                  Ordered by the House April 2
            Including House Amendments dated April 2
 
Sponsored by Representative DINGFELDER, Senator RINGO;
  Representatives BATES, NOLAN, TOMEI
 
 
                             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.
 
  Disconnects, for Oregon income and corporate excise tax
purposes, from federal law permitting  { + expense deduction
and + } accelerated depreciation of  { + specified + }
four-wheeled motor vehicles
  { - exceeding certain weights - } . { +  Excludes taxpayers
filing federal Schedule F. + }
  Applies to  { + property placed into service in + } tax years
beginning on or after January 1, 2004.
 
                        A BILL FOR AN ACT
Relating to taxation; creating new provisions; amending ORS
  318.031; and providing for revenue raising that requires
  approval by a three-fifths majority.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2003 Act is added to and made
a part of ORS chapter 316. + }
  SECTION 2.  { + (1) There shall be added to federal taxable
income of a taxpayer a positive amount that equals the amount the
taxpayer took as an expense deduction under section 179 of the
Internal Revenue Code or as a depreciation deduction under
section 168 of the Internal Revenue Code for a four-wheeled
vehicle manufactured primarily for use on public streets, roads
and highways if the vehicle:
  (a) Is rated between 6,000 and 14,000 pounds gross vehicle
weight;
  (b) Is designed to seat nine or fewer individuals; and
  (c) Is not equipped with an open cargo area with an interior
length of 72 or more inches or does not have a covered box with
an interior length of 72 or more inches that is separate from the
passenger compartment.
  (2) For Oregon tax purposes, the adjusted basis of a vehicle
subject to this section shall equal the federal adjusted basis of
the vehicle.
  (3) This section does not apply to a taxpayer that filed a
Schedule F for federal tax purposes for the tax year. + }
 
 
  SECTION 3.  { + Section 2 of this 2003 Act applies to property
placed into service in tax years beginning on or after January 1,
2004. + }
  SECTION 4.  { + Section 5 of this 2003 Act is added to and made
a part of ORS chapter 317. + }
  SECTION 5.  { + (1) There shall be added to federal taxable
income of a taxpayer a positive amount that equals the amount the
taxpayer took as an expense deduction under section 179 of the
Internal Revenue Code or as a depreciation deduction under
section 168 of the Internal Revenue Code for a four-wheeled
vehicle manufactured primarily for use on public streets, roads
and highways if the vehicle:
  (a) Is rated between 6,000 and 14,000 pounds gross vehicle
weight;
  (b) Is designed to seat nine or fewer individuals; and
  (c) Is not equipped with an open cargo area with an interior
length of 72 or more inches or does not have a covered box with
an interior length of 72 or more inches that is separate from the
passenger compartment.
  (2) For Oregon tax purposes, the adjusted basis of a vehicle
subject to this section shall equal the federal adjusted basis of
the vehicle.
  (3) This section does not apply to a taxpayer that filed a
Schedule F for federal tax purposes for the tax year. + }
  SECTION 6. ORS 318.031 is amended to read:
  318.031. It being the intention of the Legislative Assembly
that this chapter and the Corporation Excise Tax Law of 1929
shall be administered as uniformly as possible (allowance being
made for the difference in imposition of the taxes and the
operative date of this chapter), ORS 305.140 and 305.150, ORS
chapter 314 and the following sections are incorporated into and
made a part of this chapter: ORS 315.104, 315.134, 315.156,
315.204, 315.208, 315.213, 315.234, 315.254, 315.304, 315.504,
315.511 and 315.604 (all only to the extent applicable for a
corporation) and ORS 285B.773, 315.507, 317.010, 317.013, 317.018
to 317.022, 317.030, 317.035, 317.038, 317.080, 317.124 to
317.131, 317.152 to 317.154, 317.259 to 317.303, 317.310 to
317.386, 317.476 to 317.485, 317.488, 317.510 to 317.635 and
317.705 to 317.725 { +  and section 5 of this 2003 Act + }.
  SECTION 7.  { + Section 5 of this 2003 Act and the amendments
to ORS 318.031 by section 6 of this 2003 Act apply to property
placed into service in tax years beginning on or after January 1,
2004. + }
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