75th OREGON LEGISLATIVE ASSEMBLY--2009 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 3181
 
                         House Bill 2696
 
Sponsored by Representative RILEY
 
 
                             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.
 
  Requires addition to taxable income for Oregon tax purposes of
amounts attributable to like-kind exchanges and excluded from
federal taxable income because of operation of certain federal
law.
  Applies to tax years beginning on or after January 1, 2010.
 
                        A BILL FOR AN ACT
Relating to tax expenditures; 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 2 of this 2009 Act is added to and made
a part of ORS chapter 316. + }
  SECTION 2.  { + To derive Oregon taxable income, there shall be
added to federal taxable income the amount excluded from federal
taxable income for federal tax purposes under section 1031 of the
Internal Revenue Code. + }
  SECTION 3.  { + Section 4 of this 2009 Act is added to and made
a part of ORS chapter 317. + }
  SECTION 4.  { + To derive Oregon taxable income, there shall be
added to federal taxable income the amount excluded from federal
taxable income for federal tax purposes under section 1031 of the
Internal Revenue Code. + }
  SECTION 5.  { + Sections 2 and 4 of this 2009 Act apply to tax
years beginning on or after January 1, 2010. + }
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