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 2288
 
                           A-Engrossed
 
                         House Bill 2741
                   Ordered by the House June 8
             Including House Amendments dated June 8
 
Sponsored by Representatives J SMITH, SHIELDS; Representatives
  BUCKLEY, CANNON, CLEM, DEMBROW, GARRETT, GREENLICK, HARKER,
  KAHL, NOLAN, READ, STIEGLER, Senators BONAMICI, WALKER
 
 
                             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.
 
    { - Provides for annual adjustment, based on U.S. City
Average Consumer Price Index, of threshold for filing inheritance
tax return. - }  Establishes Next Generation Fund. Directs
inheritance tax revenues to Next Generation Fund. Appropriates
moneys to Oregon Student Assistance Commission to fund Oregon
Opportunity Grant program and to Department of Education to fund
 { - Oregon prekindergarten program - }  { +  early childhood
education programs + }.
  Applies to   { - estates of decedents dying on or after January
1, 2010, and to - }  revenues received by Department of Revenue
on or after January 1,   { - 2010 - }  { +  2011 + }.
  Takes effect on 91st day following adjournment sine die.
 
                        A BILL FOR AN ACT
Relating to inheritance tax; creating new provisions; amending
  ORS 118.510 and 118.535; appropriating money; and prescribing
  an effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 118.510 is amended to read:
  118.510. The net revenue from the taxes imposed by ORS 118.005
to 118.840 (including temporary payments under ORS 118.260 and
fees, taxes, interest and penalties), after deduction of refunds,
shall be   { - credited to the General Fund to be available to
meet any expense or obligation of this state lawfully
incurred. - }  { + deposited in the Next Generation Fund
established under section 3 of this 2009 Act. + }
  SECTION 2. ORS 118.535 is amended to read:
  118.535. (1) If the Department of Revenue determines that the
executor has not made an appraisal that is needed in order to
comply with the provisions of ORS 118.005 to 118.840, the
department may cause an appraisal to be made by a fee appraiser
to so ensure compliance.
  (2) The cost of the appraisal including the appraiser's fee as
a witness in the event of an appeal shall be paid out of the
taxes collected under this chapter before the net revenue is
 
  { - credited to the General Fund - }   { + deposited in the
Next Generation Fund + } as provided in ORS 118.510.
  SECTION 3.  { + The Next Generation Fund is established
separate and distinct from the General Fund. Interest earned by
the Next Generation Fund shall be credited to the Next Generation
Fund.  Moneys in the fund shall be distributed as follows:
  (1) Fifty percent is continuously appropriated to the Oregon
Student Assistance Commission for the purpose of funding grants
through the Oregon Opportunity Grant program under ORS 348.260.
  (2) Fifty percent is continuously appropriated to the
Department of Education for the purpose of funding early
childhood education programs. + }
  SECTION 4.  { + Section 3 of this 2009 Act and the amendments
to ORS 118.510 and 118.535 by sections 1 and 2 of this 2009 Act
apply to revenues received by the Department of Revenue on or
after January 1, 2011. + }
  SECTION 5.  { + This 2009 Act takes effect on the 91st day
after the date on which the regular session of the Seventy-fifth
Legislative Assembly adjourns sine die. + }
                         ----------