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
 
                         Senate Bill 858
 
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 as
introduced.
 
  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, and before January 1, 1999.
  Sunsets December 31, 2004.
  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.  { + 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 $18 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 is precertified on or after January 1, 1998, and
before January 1, 1999.
  (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 in a
resolution that applies to a tax year for which ad valorem
property taxes have been paid on qualified property that is
exempt from taxation as a result of the operation of section 2 of
this 2003 Act shall apply in writing to the county assessor for a
refund of those taxes. The firm shall attach a copy of the
resolution to the application for refund.
  (2) Upon receipt of the application for refund, the county
assessor shall determine the amount of tax due 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. + }
  SECTION 4.  { + Sections 2 and 3 of this Act are repealed
December 31, 2004. + }
  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. + }
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