75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
Enrolled
House Bill 2067
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
Presession filed (at the request of House Interim Committee on
Revenue)
CHAPTER ................
AN ACT
Relating to sunset of tax credits; creating new provisions;
amending ORS 285C.406, 315.104, 315.271, 315.357 and 317.097
and section 5, chapter 695, Oregon Laws 1985, section 10,
chapter 682, Oregon Laws 1987, section 13, chapter 674, Oregon
Laws 2001, section 19, chapter 954, Oregon Laws 2001, section
77, chapter 736, Oregon Laws 2003, section 2, chapter 677,
Oregon Laws 2005, sections 5a, 8a and 66, chapter 832, Oregon
Laws 2005, sections 6 and 29, chapter 739, Oregon Laws 2007,
sections 8, 9, 49, 52 and 83, chapter 843, Oregon Laws 2007,
sections 14 and 16a, chapter 855, Oregon Laws 2007, section 3,
chapter 868, Oregon Laws 2007, and section 18, chapter 906,
Oregon Laws 2007; 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. Section 77, chapter 736, Oregon Laws 2003, is
amended to read:
{ + Sec. 77. + } { - Section 76 of this 2003 Act - }
{ + ORS 315.514 + } applies to tax years beginning on or after
January 1, 2005, { + and before January 1, 2012, + } and to tax
credit certifications issued by the Oregon Film and Video Office
on or after July 1, 2005.
SECTION 2. ORS 285C.406 is amended to read:
285C.406. In order for a taxpayer to claim the property tax
exemption under ORS 285C.409 or a corporate excise or income tax
credit under ORS 317.124:
(1) The written agreement between the business firm and the
rural enterprise zone sponsor that is required under ORS 285C.403
(3)(c) must be entered into prior to the termination of the
enterprise zone under ORS 285C.245; and
(2) { + (a) For the purpose of the property tax exemption, + }
the business firm must obtain certification under ORS 285C.403 on
or before June 30, 2013 { - . - } { + ; or
(b) For the purpose of the corporate excise or income tax
credit, the business firm must obtain certification under ORS
285C.403 on or before June 30, 2012. + }
SECTION 3. { + Except as provided in ORS 315.507 (5), a credit
may not be claimed under ORS 315.507 for tax years beginning on
or after January 1, 2012. + }
SECTION 4. Section 2, chapter 677, Oregon Laws 2005, is amended
to read:
Enrolled House Bill 2067 (HB 2067-B) Page 1
{ + Sec. 2. + } { - Section 1 of this 2005 Act - }
{ + ORS 315.517 + } applies to persons initially hired on or
after January 1, 2006, and for which a credit is claimed for tax
years beginning on or after January 1, 2006, and before January
1, { - 2013 - } { + 2012 + }.
SECTION 5. { + Except as provided in ORS 315.156 (4), a credit
may not be claimed under ORS 315.156 for tax years beginning on
or after January 1, 2012. + }
SECTION 6. { + Except as provided in ORS 315.113 (8), a credit
may not be claimed under ORS 315.113 for tax years beginning on
or after January 1, 2012. + }
SECTION 7. Section 49, chapter 843, Oregon Laws 2007, is
amended to read:
{ + Sec. 49. + } Sections 47 and 48 { + , chapter 843, Oregon
Laws 2007, + }
{ - of this 2007 Act - } apply to diesel engine repower and
retrofit tax credit cost certifications issued in tax years
beginning on or after January 1, 2008 { + , and before January 1,
2012 + }.
SECTION 8. Section 14, chapter 855, Oregon Laws 2007, is
amended to read:
{ + Sec. 14. + } Sections 12 and 13 { + , chapter 855, Oregon
Laws 2007, + }
{ - of this 2007 Act - } apply to diesel engine repower and
retrofit tax credit cost certifications issued in tax years
beginning on or after January 1, 2008 { + , and before January 1,
2012 + }.
SECTION 9. Section 52, chapter 843, Oregon Laws 2007, is
amended to read:
{ + Sec. 52. + } Sections 47, 48, 50 and 51 { + , chapter
843, Oregon Laws 2007, + } { - of this 2007 Act - } are
repealed on January 2, { - 2018 - } { + 2012 + }.
SECTION 10. Section 16a, chapter 855, Oregon Laws 2007, is
amended to read:
{ + Sec. 16a. + } Sections 12 to 16 { + , chapter 855, Oregon
Laws 2007, + }
{ - of this 2007 Act - } are repealed on January 2,
{ - 2018 - } { + 2012 + }.
SECTION 11. { + The State Department of Fish and Wildlife may
not issue a preliminary certificate of approval under ORS 315.138
after January 1, 2012. + }
SECTION 12. Section 5a, chapter 832, Oregon Laws 2005, as
amended by section 35, chapter 843, Oregon Laws 2007, is amended
to read:
{ + Sec. 5a. + } A taxpayer may not be allowed a credit under
ORS 316.116 if the first tax year for which the credit would
otherwise be allowed with respect to an alternative energy device
or alternative fuel vehicle or related equipment is on or after
January 1, { - 2016 - } { + 2012 + }.
SECTION 13. Section 8a, chapter 832, Oregon Laws 2005, is
amended to read:
{ + Sec. 8a. + } The State Department of Energy may not issue
a contractor's certification certificate, alternative energy
device system certificate or alternative fuel vehicle or related
equipment certificate under ORS 469.170 after January 1,
{ - 2016 - } { + 2012 + }.
SECTION 14. { + A credit may not be claimed under ORS 317.115
for tax years beginning on or after January 1, 2012. + }
SECTION 15. ORS 315.357 is amended to read:
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315.357. A taxpayer may not be allowed a credit under ORS
315.354 if the first tax year for which the credit with respect
to a facility certified under ORS 469.215 would otherwise be
allowed begins on or after January 1, { - 2016 - } { +
2012 + }.
SECTION 16. { + Except as provided in ORS 317.112 (2), a
credit may not be claimed under ORS 317.112 for tax years
beginning on or after January 1, 2012. + }
SECTION 17. Section 29, chapter 739, Oregon Laws 2007, is
amended to read:
{ + Sec. 29. + } { - Sections 27 and 28 of this 2007
Act - } { + ORS 315.465 and 315.469 + } apply to tax years
beginning on or after January 1, 2007, and before January 1,
{ - 2013 - } { + 2012 + }.
SECTION 18. Section 6, chapter 739, Oregon Laws 2007, as
amended by section 5, chapter 590, Oregon Laws 2007, is amended
to read:
{ + Sec. 6. + } (1) { - Sections 2, 3 and 5, chapter 739,
Oregon Laws 2007, - } { + ORS 315.141, 315.144 and 469.790 + }
apply to tax credits for tax years beginning on or after January
1, 2007, and before January 1, { - 2013 - } { + 2012 + }.
(2) Notwithstanding subsection (1) of this section, a tax
credit is not allowed for wheat grain (other than nongrain wheat
material) before tax years beginning on or after January 1, 2009,
or on or after January 1, { - 2013 - } { + 2012 + }.
SECTION 19. ORS 315.104 is amended to read:
315.104. (1) A credit against the taxes otherwise due under ORS
chapter 316 (or if the taxpayer is a corporation, under ORS
chapter 317 or 318) shall be allowed in an amount equal to 50
percent of reforestation project costs actually paid or incurred
to reforest underproductive Oregon forestlands. Such costs
include, but are not limited to, any fees established by the
State Forester under ORS 315.106 (4), site preparation, tree
planting and other silviculture treatments considered necessary
by the State Forester to establish commercial, hardwood or
softwood stands on appropriate sites. Subject to subsection (5)
of this section:
(a) One-half of the credit shall be taken in the tax year for
which the State Forester, after physical inspection of the
forestland, issues a preliminary certificate under ORS 315.106
certifying that the land qualifies as underproductive Oregon
forestland and that the reforestation project undertaken meets
the requirements of this section and the specifications
established by the State Forester and the costs appear to be
reasonable; and
(b) One-half of the credit shall be taken in the tax year for
which the State Forester, after further physical inspection of
the land and project, certifies that the new forest is
established in accordance with the specifications of the State
Forester.
(2) No credit shall be allowed under either subsection (1)(a)
or (b) of this section unless written certification containing
the following statements accompanies the claim for the credit or
is otherwise filed with the Department of Revenue:
(a) A preliminary certificate issued by the State Forester
under ORS 315.106 that the land and project meet the preliminary
specifications established by the State Forester or that the new
forest is established, whichever is applicable at the time.
(b) A statement by the landowner or person in possession of the
land that the land within the project area will be used for the
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primary purpose of growing and harvesting trees of an acceptable
species.
(c) A statement that the landowner or person in possession of
the land is aware that maintenance practices, including release,
may be needed to insure that a new forest is established and will
remain established.
(3) For purposes of this section, reforestation project costs
shall not include:
(a) Costs paid or incurred to reforest any forestland that has
been commercially logged to the extent that reforestation is
required under the Oregon Forest Practices Act, except costs paid
or incurred to reforest forestland following a hardwood harvest,
conducted for the purposes of converting underproductive
forestlands, as determined by administrative rule.
(b) That portion of costs or expenses paid through a federal or
state cost share, financial assistance or other incentive
program.
(c) Those costs paid or incurred to grow Christmas trees,
ornamental trees, shrubs or plants, or those costs paid or
incurred to grow hardwood timber described under ORS 321.267 (3)
or 321.824 (3).
(d) Any costs paid or incurred to purchase or otherwise acquire
the land.
(e) The cost of purchase or other acquisition of tools and
equipment with a useful life of more than one year.
(4) To qualify for the credit:
(a) The project must be completed to specifications approved by
the State Forester.
(b) The taxpayer's portion of the project costs must be $500 or
more.
(c) The taxpayer must be a private individual, corporation,
group, Indian tribe or other native group, association or other
nonpublic legal entity owning, purchasing under recorded contract
of sale or leasing at least five acres of Oregon commercial
forestland.
(d) Prior to December 31, { - 2022 - } { + 2012 + }, the
taxpayer must file with the State Forester a written request for
preliminary certification under ORS 315.106.
(5) Any tax credit otherwise allowable under this section which
is not used by the taxpayer in a particular year may be carried
forward and offset against the taxpayer's tax liability for the
next succeeding tax year. Any credit remaining unused in such
next succeeding tax year may be carried forward and used in the
second succeeding tax year, and likewise, any credit not used in
that second succeeding tax year may be carried forward and used
in the third succeeding tax year, but may not be carried forward
for any tax year thereafter. In all cases the taxpayer must be
the person who made the investment into the project.
(6) The credit provided by this section shall be in addition to
and not in lieu of any depreciation or amortization deduction to
which the taxpayer otherwise may be entitled with respect to the
reforestation project and the credit shall not affect the
computation of basis for the property.
(7) In compliance with ORS chapter 183, the Department of
Revenue and the State Forestry Department may adopt rules
consistent with law for carrying out the provisions of this
section.
(8) As used in this section, 'underproductive Oregon
forestlands' means Oregon commercial forestlands not meeting the
minimum stocking standards of the Oregon Forest Practices Act.
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(9) If, for any reason other than those specified in subsection
(10) of this section, a new forest is not established by the last
day of the second taxable year following the taxable year for
which the preliminary certificate was issued, the State Forester
shall so report to the Department of Revenue. The report filed
under this subsection shall be the basis for the department to
recover any credit granted under subsection (1)(a) of this
section. If, however, the new forest is not established within
the time required by this subsection on account of the reasons
specified in subsection (10) of this section, any credit allowed
under subsections (1)(a) and (5) of this section shall not be
recovered but no further credit as provided under subsections
(1)(b) and (5) of this section shall be allowed.
(10) Subject to requalification under this section in the
manner applicable for the original claim, including obtaining a
new preliminary certificate, a taxpayer may claim an additional
credit or credits for reestablishing a new planting in the event
that the new forest is destroyed by a natural disaster or is not
established for reasons beyond the control of the taxpayer, if
the measures taken in completing the original or earlier project
would normally have resulted in establishing the minimum number
of trees per acre anticipated by the project.
(11) Any owner affected by a determination, regarding the
reforestation tax credit made by:
(a) The State Forester, except for a denial of a request for a
preliminary certificate due to the annual reforestation credit
cost limitation calculated under ORS 315.108, may appeal that
determination in the manner provided for in ORS 526.475 (1).
(b) The Department of Revenue, may appeal that determination in
the manner provided for in ORS 526.475 (2).
SECTION 20. { + A credit may not be claimed under ORS 317.122
for tax years beginning on or after January 1, 2012. + }
SECTION 21. { + A credit may not be claimed under ORS 285C.309
for tax years beginning on or after January 1, 2014. + }
SECTION 22. { + Except as provided in ORS 315.254 (3), a
credit may not be claimed under ORS 315.254 for tax years
beginning on or after January 1, 2014. + }
SECTION 23. Section 5, chapter 695, Oregon Laws 1985, as
amended by section 1, chapter 989, Oregon Laws 1989, section 2,
chapter 373, Oregon Laws 1997, and section 1, chapter 318, Oregon
Laws 2003, is amended to read:
{ + Sec. 5. + } (1) Except as provided in subsection (2) of
this section, ORS 317.151 and 318.106 apply to contributions made
in tax years beginning prior to January 1, { - 2010 - } { +
2014 + }.
(2) With respect to the credit allowed for a contribution as
described in ORS 317.151 (3)(b) if a written contract or other
written agreement to make the contribution is entered into prior
to January 1, { - 2010 - } { + 2014 + }, and the moneys
contributed after that date are contributed pursuant to the
contract or agreement, then notwithstanding subsection (1) of
this section, the credit allowed as described in ORS 317.151
(3)(b) shall be allowed for those contributions made pursuant to
the written contract or other written agreement entered into
prior to January 1, { - 2010 - } { + 2014 + }.
SECTION 24. { + Except as provided in ORS 315.237 (6), a
credit may not be claimed under ORS 315.237 for tax years
beginning on or after January 1, 2014. + }
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SECTION 25. { + (1) Except as provided in subsection (2) of
this section, a credit may not be claimed under ORS 315.613 for
tax years beginning on or after January 1, 2014.
(2) A taxpayer who meets the eligibility requirements in ORS
315.613 for the tax year beginning on or after January 1, 2013,
and before January 1, 2014, shall be allowed the credit under ORS
315.613 for any tax year:
(a) That begins on or before January 1, 2023; and
(b) For which the taxpayer meets the eligibility requirements
of ORS 315.613. + }
SECTION 26. Section 66, chapter 832, Oregon Laws 2005, is
amended to read:
{ + Sec. 66. + } { - Section 63 of this 2005 Act - }
{ + ORS 315.622 + } applies to tax credit certifications issued
by the Office of Rural Health on or after January 1, 2006, and
before January 1, { - 2011 - } { + 2014 + }.
SECTION 27. { + A credit may not be claimed under ORS 315.521
for tax years beginning on or after January 1, 2016. + }
SECTION 28. { + Except as provided in ORS 315.164 (8), a
credit may not be claimed under ORS 315.164 for tax years
beginning on or after January 1, 2014. + }
SECTION 29. { + A credit may not be claimed under ORS 317.147
for tax years beginning on or after January 1, 2014. + }
SECTION 30. { + The Housing and Community Services Department
may not issue a certificate under ORS 317.097 on or after January
1, 2014. + }
SECTION 31. ORS 317.097, as amended by section 6, chapter 29,
Oregon Laws 2008, and section 15, chapter 45, Oregon Laws 2008,
is amended to read:
317.097. (1) A credit against taxes otherwise due under this
chapter for the taxable year shall be allowed to a lending
institution in an amount equal to the difference between:
(a) The amount of finance charge charged by the lending
institution during the taxable year at an annual rate less than
the market rate for a loan that is made before January 1,
{ - 2020 - } { + 2014 + }, that complies with the requirements
of this section; and
(b) The amount of finance charge that would have been charged
during the taxable year by the lending institution for the loan
for housing construction, development, acquisition or
rehabilitation measured at the annual rate charged by the lending
institution for nonsubsidized loans made under like terms and
conditions at the time the loan for housing construction,
development, acquisition or rehabilitation is made.
(2) The maximum amount of credit for the difference between the
amounts described in subsection (1)(a) and (b) of this section
may not exceed four percent of the average unpaid balance of the
loan during the tax year for which the credit is claimed.
(3) Any tax credit otherwise allowable under this section that
is not used by the taxpayer in a particular year may be carried
forward and offset against the taxpayer's tax liability for the
next succeeding tax year. Any credit remaining unused in the next
succeeding tax year may be carried forward and used in the second
succeeding tax year, and likewise, any credit not used in that
second succeeding tax year may be carried forward and used in the
third succeeding tax year, and any credit not used in that third
succeeding tax year may be carried forward and used in the fourth
succeeding tax year, and any credit not used in that fourth
succeeding tax year may be carried forward and used in the fifth
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succeeding tax year, but may not be carried forward for any tax
year thereafter.
(4) In order to be eligible for the tax credit allowed under
subsection (1) of this section, the loan shall be:
(a) Made to an individual or individuals who own the dwelling,
participate in an owner-occupied community rehabilitation program
and are certified by the local government or its designated agent
as having an income level at the time the loan is made of less
than 80 percent of the area median income;
(b)(A) Made to a qualified borrower;
(B) Used to finance construction, development, acquisition or
rehabilitation of housing; and
(C) Accompanied by a written certification by the Housing and
Community Services Department that the:
(i) Housing created by the loan is or will be occupied by
households earning less than 80 percent of the area median
income; and
(ii) Full amount of savings from the reduced interest rate
provided by the lending institution is or will be passed on to
the tenants in the form of reduced housing payments, regardless
of other subsidies provided to the housing project;
(c)(A) Made to a qualified borrower;
(B) Used to finance construction, development, acquisition, or
acquisition and rehabilitation of housing consisting of a
manufactured dwelling park; and
(C) Accompanied by a written certification by the Housing and
Community Services Department that the housing will continue to
be operated as a manufactured dwelling park during the period for
which the tax credit is allowed; or
(d)(A) Made to a qualified borrower;
(B) Used to finance acquisition, or acquisition and
rehabilitation, of housing consisting of a preservation project;
and
(C) Accompanied by a written certification by the Housing and
Community Services Department that the housing preserved by the
loan:
(i) Is or will be occupied by households earning less than 80
percent of the area median income; and
(ii) Has a rent assistance contract with the United States
Department of Housing and Urban Development or the United States
Department of Agriculture that will be maintained by the
qualified borrower.
(5) A loan made to refinance a loan that meets the criteria
stated in subsection (4) of this section shall be treated the
same as a loan that meets the criteria stated in subsection (4)
of this section.
(6) In order to be eligible for the tax credit allowed under
subsection (1) of this section, the loan also shall be
accompanied by a written certification by the Housing and
Community Services Department that:
(a) Specifies the period, as determined by the Housing and
Community Services Department, during which the loan is eligible
for the tax credit under subsection (1) of this section; and
(b) States that the loan is within the limitation imposed by
subsection (7) of this section.
(7)(a) The Housing and Community Services Department may
certify loans that are eligible under subsection (4) of this
section if the total credits attributable to all loans eligible
for credits under subsection (1) of this section and then
outstanding do not exceed $17 million for any fiscal year. In
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making loan certifications, the Housing and Community Services
Department shall attempt to distribute the tax credits statewide,
but shall concentrate the tax credits in those areas of the state
that are determined by the State Housing Council to have the
greatest need for affordable housing.
(b) The certification under subsection (6) of this section
shall state the period for which the credit will be allowed,
which may not exceed 20 years.
(8) The applicant's receipt of a credit under section 42 of the
Internal Revenue Code does not affect the credit allowed under
this section.
(9) A loan meeting the requirements of subsections (4) and (6)
of this section may be sold to a qualified assignee with or
without the lending institution's retaining servicing of the loan
so long as a designated lending institution maintains records
annually verified by a loan servicer that establish the amount of
tax credit earned by the taxpayer throughout each year of
eligibility.
(10) As used in this section:
(a) 'Annual rate' means the yearly interest rate specified on
the note, and not the annual percentage rate, if any, disclosed
to the applicant to comply with the federal Truth in Lending Act.
(b) 'Finance charge' means the total of all interest, loan
fees, interest on any loan fees financed by the lending
institution, and other charges related to the cost of obtaining
credit.
(c) 'Lending institution' means any insured institution, as
that term is defined in ORS 706.008, any mortgage banking company
that maintains an office in this state or any community
development corporation that is organized under the Oregon
Nonprofit Corporation Law.
(d) 'Manufactured dwelling park' has the meaning given that
term in ORS 446.003.
(e) 'Nonprofit corporation' means a corporation that is exempt
from income taxes under section 501(c)(3) or (4) of the Internal
Revenue Code as amended and in effect on December 31, 2007.
(f) 'Preservation project' means housing that was previously
developed as affordable housing with a contract for rent
assistance from the United States Department of Housing and Urban
Development or the United States Department of Agriculture and
that is being acquired by a sponsoring entity.
(g) 'Qualified assignee' means any investor participating in
the secondary market for real estate loans.
(h) 'Qualified borrower' means any borrower that is a
sponsoring entity that has a controlling interest in the real
property that is financed by the loan described in subsection (4)
of this section. Such a controlling interest includes, but is not
limited to, a controlling interest in the general partner of a
limited partnership that owns the real property.
(i) 'Sponsoring entity' means a nonprofit corporation,
nonprofit cooperative, state governmental entity, local unit of
government as defined in ORS 466.706, housing authority or any
other person, provided that the person has agreed to restrictive
covenants imposed by a nonprofit corporation, nonprofit
cooperative, state governmental entity, local unit of government
or housing authority.
(11) Notwithstanding any other provision of law, a lending
institution that is a community development corporation organized
under the Oregon Nonprofit Corporation Law may transfer any part
or all of any tax credit arising under subsection (1) of this
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section to one or more other lending institutions that are
stockholders or members of the community development corporation
or that otherwise participate through the community development
corporation in the making of one or more loans that generate the
tax credit under subsection (1) of this section.
(12) The lending institution shall file an annual statement
with the Housing and Community Services Department, specifying
that it has conformed with all requirements imposed by law to
qualify for this tax credit.
(13) The Housing and Community Services Department and the
Department of Revenue may adopt rules to carry out the provisions
of this section.
SECTION 32. Section 83, chapter 843, Oregon Laws 2007, is
amended to read:
{ + Sec. 83. + } Section 82 { + , chapter 843, Oregon Laws
2007, + } { - of this 2007 Act - } applies to individuals
whose household ends tenancy at a manufactured dwelling park
during a tax year that begins on or after January 1, 2007, and
before January 1, { - 2013 - } { + 2014 + }.
SECTION 33. Section 18, chapter 906, Oregon Laws 2007, is
amended to read:
{ + Sec. 18. + } Section 17 { + , chapter 906, Oregon Laws
2007, + } { - of this 2007 Act - } applies to individuals
whose household ends tenancy at a manufactured dwelling park
during a tax year that begins on or after January 1, 2007, and
before January 1, { - 2013 - } { + 2014 + }.
SECTION 34. { + A credit may not be claimed under ORS 316.102
for tax years beginning on or after January 1, 2014. + }
SECTION 35. Section 19, chapter 954, Oregon Laws 2001, is
amended to read:
{ + Sec. 19. + } { - Section 18 of this 2001 Act - }
{ + ORS 315.675 + }applies to tax years beginning on or after
January 1, 2002, and before January 1, { - 2013 - } { +
2014 + }.
SECTION 36. { + A credit may not be claimed under ORS 316.157
for tax years beginning on or after January 1, 2014. + }
SECTION 37. { + A credit may not be claimed under ORS 316.148
for tax years beginning on or after January 1, 2016. + }
SECTION 38. { + A credit may not be claimed under ORS 315.610
for tax years beginning on or after January 1, 2016. + }
SECTION 39. { + A credit may not be claimed under ORS 316.099
for tax years beginning on or after January 1, 2016. + }
SECTION 40. { + A credit may not be claimed under ORS 316.087
for tax years beginning on or after January 1, 2016. + }
SECTION 41. { + A credit may not be claimed under ORS 316.079
for tax years beginning on or after January 1, 2016. + }
SECTION 42. { + A credit may not be claimed under ORS 316.758
for tax years beginning on or after January 1, 2016. + }
SECTION 43. { + A credit may not be claimed under ORS 316.765
for tax years beginning on or after January 1, 2016. + }
SECTION 44. { + Except as provided in ORS 316.078 (5), a
credit may not be claimed under ORS 316.078 for tax years
beginning on or after January 1, 2016. + }
SECTION 45. Section 3, chapter 868, Oregon Laws 2007, is
amended to read:
{ + Sec. 3. + } ORS 315.262 is repealed on January 2,
{ - 2014 - } { + 2016 + }.
SECTION 46. Section 10, chapter 682, Oregon Laws 1987, as
amended by section 3, chapter 929, Oregon Laws 1991, section 1,
Enrolled House Bill 2067 (HB 2067-B) Page 9
chapter 674, Oregon Laws 2001, and section 1, chapter 485, Oregon
Laws 2005, is amended to read:
{ + Sec. 10. + } { + Except as provided in ORS 315.204
(12), + } ORS 315.204 applies to tax years beginning on or after
January 1, 1988, and before January 1, { - 2017 - } { +
2016 + }.
SECTION 47. Section 13, chapter 674, Oregon Laws 2001, as
amended by section 9, chapter 473, Oregon Laws 2003, and section
1, chapter 880, Oregon Laws 2007, is amended to read:
{ + Sec. 13. + } ORS 315.213 applies to tax years beginning
on or after January 1, 2002, and before January 1, { - 2013 - }
{ + 2016 + }.
SECTION 48. ORS 315.271 is amended to read:
315.271. (1) A credit against taxes otherwise due under ORS
chapter 316, 317 or 318 shall be allowed for donations to a
fiduciary organization for distribution to individual development
accounts established under ORS 458.685. The credit shall equal
the lesser of $75,000 or 75 percent of the donation amount. To
qualify for a credit under this section, donations to a fiduciary
organization must be made prior to January 1, { - 2012 - }
{ + 2016 + }.
(2) If a credit allowed under this section is claimed, the
amount upon which the credit is based that is allowed or
allowable as a deduction from federal taxable income under
section 170 of the Internal Revenue Code shall be added to
federal taxable income in determining Oregon taxable income. As
used in this subsection, the amount upon which a credit is based
is the allowed credit divided by 75 percent.
(3) The allowable tax credit that may be used in any one tax
year shall not exceed the tax liability of the taxpayer.
(4) Any tax credit otherwise allowable under this section that
is not used by the taxpayer in a particular year may be carried
forward and offset against the taxpayer's tax liability for the
next succeeding tax year. Any tax credit remaining unused in the
next succeeding tax year may be carried forward and used in the
second succeeding tax year. Any tax credit not used in the second
succeeding tax year may be carried forward and used in the third
succeeding tax year, but may not be carried forward for any tax
year thereafter.
SECTION 49. { + A credit may not be claimed under ORS 315.272
for tax years beginning on or after January 1, 2016. + }
SECTION 50. { + ORS 734.835 does not apply to tax years
beginning on or after January 1, 2016. + }
SECTION 51. Section 8, chapter 843, Oregon Laws 2007, is
amended to read:
{ + Sec. 8. + } { - Sections 5 and 6 of this 2007 Act - }
{ + ORS 315.628 and 315.631 + } apply to tax years beginning on
or after January 1, 2008, and before January 1, { - 2012 - }
{ + 2016 + }.
SECTION 52. Section 9, chapter 843, Oregon Laws 2007, is
amended to read:
{ + Sec. 9. + } { + (1) ORS 315.624 applies to tax years
beginning on or after January 1, 2008, and before January 1,
2016. + }
{ + (2) + } { - Section 3 of this 2007 Act and - } The
amendments to ORS 316.680 by section 2 { + , chapter 843, Oregon
Laws 2007, + } { - of this 2007 Act - } apply to tax years
beginning on or after January 1, 2008, and before January 1,
2012.
Enrolled House Bill 2067 (HB 2067-B) Page 10
SECTION 53. { + Any tax credit enacted by the Legislative
Assembly on or after the effective date of this 2009 Act shall
apply for a maximum of six tax years beginning with the initial
tax year for which the credit is applicable, unless the
Legislative Assembly expressly provides for another period of
applicability. + }
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Passed by House April 20, 2009
Repassed by House June 11, 2009
...........................................................
Chief Clerk of House
...........................................................
Speaker of House
Passed by Senate June 3, 2009
...........................................................
President of Senate
Enrolled House Bill 2067 (HB 2067-B) Page 11
Received by Governor:
......M.,............., 2009
Approved:
......M.,............., 2009
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2009
...........................................................
Secretary of State
Enrolled House Bill 2067 (HB 2067-B) Page 12