75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
 
HA to HB 2777
 
LC 684/HB 2777-3
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2777
 
     By COMMITTEE ON SUSTAINABILITY AND ECONOMIC DEVELOPMENT
 
                            April 30
 
  On page 1 of the printed bill, delete lines 5 through 11 and
insert:
  '  { +  SECTION 2. + } (1) As used in this section, 'qualified
investment' means a purchase of machinery or equipment that:
  ' (a) Is used in a trade or business or for the production of
income;
  ' (b) Is installed or used in a facility located in this state;
  ' (c) Is used in a trade or business operating in a traded
sector, as defined in ORS 285A.010;
  ' (d) Is used by a small business, as defined in ORS 285A.010;
  ' (e) Is put in service during the tax year in which it is
purchased;
  ' (f) If installed and used by the taxpayer, is not likely to
result in a net loss of employees by the taxpayer; and
  ' (g) Meets any other criteria for certification of a qualified
investment under this section established by the Economic and
Community Development Department by rule.'.
  In line 15, after 'year' insert ', if the machinery or
equipment is used by the taxpayer for at least 36 consecutive
months following the date that it is put in service'.
  In line 19, delete 'Department of Revenue' and insert '
Economic and Community Development Department'.
  After line 29, insert:
  ' (d) A taxpayer may not obtain credit certification for, and
may not claim, a credit under this section for any amount of
qualified investment for which the taxpayer claims a credit under
any other provision of this chapter or ORS chapter 285C, 316 or
317.
  ' (4) If machinery or equipment for which a credit is claimed
is not used as required by subsections (1) and (2) of this
section, the Economic and Community Development Department may
revoke the certification granted under subsection (3) of this
section. Following revocation, and upon notification of the
taxpayer, the Department of Revenue shall immediately proceed to
collect any taxes not paid by the taxpayer as a result of the
credit allowed under this section. If the machinery or equipment
is placed in service, but used as required for less than 36
months, the department may prorate the amount of credit allowed
under this section.'.
  On page 2, line 1, delete '(4)' and insert '(5)'.
  In line 9, delete '(5)' and insert '(6)' and delete ' (4)' and
insert '(5)'.
  In line 12, delete '(6)' and insert '(7)'.
  In line 16, delete '(7)' and insert '(8)'.
  In line 19, delete '(8)' and insert '(9)'.
  On page 3, line 20, delete 'Department of Revenue' and insert
'Economic and Community Development Department'.
  In line 25, delete 'Department of Revenue' and insert '
Economic and Community Development Department'.
  In line 26, delete '2015' and insert '2014'.
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