74th OREGON LEGISLATIVE ASSEMBLY--2007 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 1722
 
                           A-Engrossed
 
                         House Bill 2217
                   Ordered by the House May 7
             Including House Amendments dated May 7
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of Governor Theodore R.
  Kulongoski)
 
 
                             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.
 
  Increases corporate minimum tax that applies to C corporations.
Applies to tax years beginning on or after January 1, 2007.
  Establishes Corporate Minimum Tax Fund and transfers net
revenues from corporate minimum tax to fund. Dedicates moneys in
fund to   { - Head Start programs, Oregon Opportunity Grant
program and workforce development programs - }  { +  Department
of Higher Education and Department of Community Colleges and
Workforce Development + }.
  Takes effect on 91st day following adjournment sine die.
 
                        A BILL FOR AN ACT
Relating to corporate minimum taxes; creating new provisions;
  amending ORS 317.090 and 317.850; prescribing an effective
  date; 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. ORS 317.090 is amended to read:
  317.090.  { + (1) + } Each taxpayer named in ORS 317.056 or
317.070 shall pay annually to the state, for the privilege of
carrying on or doing business by it within this state, a minimum
tax of
  { - $10 - }   { + $___ + } .
   { +  (2) + } The minimum tax   { - shall not be - }  { +  is
not + } apportionable (except in the case of a change of
accounting periods),   { - but shall be - }  { +  and is + }
payable in full for any part of the year during which a
corporation is subject to tax.
  SECTION 2.  { + The amendments to ORS 317.090 by section 1 of
this 2007 Act apply to tax years beginning on or after January 1,
2007. + }
  SECTION 3. ORS 317.850 is amended to read:
  317.850.  { + (1) + } The net revenue from the tax imposed by
this chapter, after deduction of refunds, shall be paid over to
the State Treasurer and { + :
  (a) The net revenue attributable to the corporate minimum tax
imposed under ORS 317.090 shall be transferred to the Corporate
Minimum Tax Fund established under section 4 of this 2007 Act;
and
  (b) The remaining balance of net revenue shall be + } held in
the General Fund as miscellaneous receipts available generally to
meet any expense or obligation of the State of Oregon lawfully
incurred.
   { +  (2) + } A working balance of unreceipted revenue from the
tax imposed by this chapter may be retained for the payment of
refunds, but   { - such - }   { + the + } working balance
 { - shall not - }  at the close of any fiscal year  { + may
not + } exceed the sum of $500,000.
  SECTION 4.  { + (1) The Corporate Minimum Tax Fund is
established, separate and distinct from the General Fund. Moneys
in the Corporate Minimum Tax Fund shall consist of moneys
transferred under ORS 317.850 and other moneys credited to the
fund by the Legislative Assembly.
  (2) Moneys in the Corporate Minimum Tax Fund are dedicated to:
  (a) The Department of Higher Education; and
  (b) The Department of Community Colleges and Workforce
Development. + }
  SECTION 5.  { + 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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