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 3677
Senate Bill 1000
Sponsored by COMMITTEE ON COMMERCE (at the request of Jordan
Rash)
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.
Establishes tax credit for forestland owner who has tree stand
for required number of years. Limits amount of credit based on
age of trees. Allows thinning of tree stand if approved by State
Forestry Department.
Applies to tax years beginning on or after January 1, 2008.
A BILL FOR AN ACT
Relating to taxation.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + Sections 2 and 3 of this 2007 Act are added to
and made a part of ORS chapter 315. + }
SECTION 2. { + (1) A credit against the taxes otherwise due
under ORS chapter 316, or under ORS chapter 317 or 318 if the
taxpayer is a corporation, is allowed to a forestland owner that
has a tree stand that is planted and managed in accordance with
the Oregon Forest Practices Act.
(2) To qualify for a credit under this section, the taxpayer
must have a tree stand that is:
(a) On no less than 50 acres of property owned by the taxpayer;
and
(b) 55 years of age or older.
(3) The amount of the credit allowed under this section shall
be equal to:
(a) 0.5 percent of the combined state and federal income tax
liability for the tax year for which the credit is received if
the tree stand is 55 years of age or older, but younger than 65
years of age.
(b) 1.25 percent of the combined state and federal income tax
liability for the tax year for which the credit is received if
the tree stand is 65 years of age or older, but younger than 90
years of age.
(c) 2.25 percent of the combined state and federal income tax
liability for the tax year for which the credit is received if
the tree stand is 90 years of age or older, but younger than 100
years of age.
(d) 4 percent of the combined state and federal income tax
liability for the tax year for which the credit is received if
the tree stand is 100 years of age or older.
(e) 0.5 percent of the combined state and federal income tax
liability for the tax year for which the credit is received if
the taxpayer:
(A) Harvested the tree stand after the tree stand was 65 years
of age or older; and
(B) Replanted the tree stand within one year of harvest and the
tree stand was planted in accordance with the Oregon Forest
Practices Act.
(4) If the taxpayer receives approval from the State Forestry
Department, a taxpayer may conduct selective thinning of the tree
stand for the purpose of the ecological health of the tree stand.
The department may grant approval if the plan for thinning, to
the greatest extent possible, has a low impact on the land and
trees.
(5) A taxpayer that receives a credit under this section must
have a written certification issued under section 3 of this 2007
Act that accompanies the claim for the credit, or that otherwise
is filed with the Department of Revenue, and states that the tree
stand meets the requirements of this section.
(6)(a) A nonresident taxpayer shall be allowed the credit
provided under this section computed in the same manner and
subject to the same limitations as the credit allowed to a
resident of this state, but the credit shall be prorated using
the proportion provided in ORS 316.117.
(b) If a change in the tax year of a taxpayer occurs as
described in ORS 314.085, or if the Department of Revenue
terminates the taxpayer's tax year under ORS 314.440, the credit
allowed by this section shall be prorated or computed in a manner
consistent with ORS 314.085.
(c) If a change in the status of a taxpayer from resident to
nonresident or from nonresident to resident occurs, the credit
allowed by this section shall be determined in a manner
consistent with ORS 316.117. + }
SECTION 3. { + (1) A taxpayer claiming the credit provided
under section 2 of this 2007 Act shall file a written request
with the State Forester for a certificate. The request shall
contain:
(a) Information that is required by the State Forester by rule;
and
(b) Payment of any fee required by the State Forester by rules
adopted under subsection (4) of this section.
(2) The State Forester, in consultation with the State
Department of Fish and Wildlife, shall adopt by rule criteria for
allowing a taxpayer to conduct selective thinning of tree stands
for which the taxpayer receives a credit under section 2 of this
2007 Act.
(3) The State Forester may establish by rule a fee for filing a
written request for a certificate under this section. The fee
shall be adequate to recover the costs incurred by the State
Forestry Department in administering this section.
(4) Moneys collected from fees established by the State
Forester under rules adopted under this section shall be
deposited in the State Forestry Department Account to be used for
the purposes of administering this section. + }
SECTION 4. { + Section 2 of this 2007 Act applies to tax years
beginning on or after January 1, 2008. + }
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