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 2202
 
                           A-Engrossed
 
                         Senate Bill 858
                 Ordered by the Senate April 18
           Including Senate Amendments dated April 18
 
Sponsored by Senator WINTERS
 
 
                             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.
 
  Reduces minimum investment level and permits modification or
waiver of employment requirements that apply for eligible
business firm to be qualified for enterprise zone property tax
exemption.  Allows employment modification or waiver to be
applied retroactively.   { - Refunds taxes paid on qualified
property that retroactively is exempt from tax. - }
  Applies to business firms precertified on or after January 1,
  { - 1998 - }  { +  2000 + }, and before January 1,
 { - 1999 - }  { +  2001 + }.
  Sunsets December 31,   { - 2004 - }  { +  2007 + }.
  Takes effect on 91st day following adjournment sine die.
 
                        A BILL FOR AN ACT
Relating to enterprise zones; and prescribing an effective date.
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 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.  { + Section 2 of this 2003 Act is repealed December
31, 2007. + }
  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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