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 3176
 
                         House Bill 2712
 
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.
 
  Repeals income tax credit for gross premium tax paid by
insurers on fire insurance policies.
  Applies to tax years beginning on or after January 1, 2010.
 
                        A BILL FOR AN ACT
Relating to tax expenditures; creating new provisions; amending
  ORS 317.122; 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 317.122 is amended to read:
  317.122.   { - (1) A credit against taxes imposed by this
chapter shall be allowed insurers for the gross premium tax paid
on fire insurance premiums in accordance with ORS 731.820. - }
    { - (2) - }  A credit against the taxes otherwise due under
this chapter shall be allowed to an insurer. The amount of the
credit shall be the lesser of:
    { - (a) - }   { + (1) + } The amount of any assessments paid
by the insurer during the tax year pursuant to ORS 656.612; or
    { - (b) - }   { + (2) + } The total profit attributable to
the workers' compensation line of business, net of reinsurance
and including all investment gain attributable to the workers'
compensation line of business, determined in the manner
prescribed under ORS 731.574 by the Director of the Department of
Consumer and Business Services, with the modifications under ORS
317.655 attributable to the workers' compensation line of
business, and then apportioned in accordance with ORS 317.660 and
multiplied by the corporate tax rate set forth in ORS 317.061. In
making the apportionment under ORS 317.660 for purposes of this
 { - paragraph - }  { +  subsection + }, the insurance sales
factor shall be determined using only items attributable to the
workers' compensation line of business.
  SECTION 2.  { + The amendments to ORS 317.122 by section 1 of
this 2009 Act apply to tax years beginning on or after January 1,
2010. + }
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