74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
HA to A-Eng. HB 2031
 
LC 1691/HB 2031-A7
 
                       HOUSE AMENDMENTS TO
                   A-ENGROSSED HOUSE BILL 2031
 
                     By COMMITTEE ON REVENUE
 
                             March 8
 
  On page 1 of the printed A-engrossed bill, line 2, after '
taxation;' delete the rest of the line and lines 3 and 4 and
insert 'and prescribing an effective date.'.
  Delete lines 6 through 23 and delete pages 2 through 4 and
insert:
  '  { +  SECTION 1. + }  { + (1) For a tax year that begins on
or after January 1, 2007, and before January 1, 2008, a taxpayer
that is a C corporation as defined in ORS 314.730 and that has
Oregon sales for the tax year of less than $5 million shall be
allowed a credit against taxes that would otherwise be due under
ORS chapter 317 or 318 equal to 67 percent of those taxes.
  ' (2) As used in this section, 'Oregon sales' means:
  ' (a) If the taxpayer apportions business income under ORS
314.650 to 314.665 for Oregon income tax purposes, the total
sales of the taxpayer in this state during the tax year, as
determined for purposes of ORS 314.665;
  ' (b) If the taxpayer does not apportion business income for
Oregon income tax purposes, the total sales in this state during
the tax year that the taxpayer would have had, as determined for
purposes of ORS 314.665, if the taxpayer were required to
apportion business income for Oregon income tax purposes; or
  ' (c) If the taxpayer apportions business income using a method
different from that prescribed by ORS 314.650 to 314.665, Oregon
sales as defined by the Department of Revenue by rule. + }
  '  { +  SECTION 2. + }  { + Section 1 of this 2007 Act is added
to and made a part of ORS chapter 317. + }
  '  { +  SECTION 3. + }  { + Sections 1 and 2 of this 2007 Act
do not become operative unless C-engrossed House Bill 2707 is
passed by both houses of the Legislative Assembly and signed by
the Governor on or before March 16, 2007. + }
  '  { +  SECTION 4. + }  { + This 2007 Act takes effect on the
91st day after the date on which the regular session of the
Seventy-fourth Legislative Assembly adjourns sine die. + } ' .
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