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 3636
 
                         House Bill 3057
 
Sponsored by Representative READ; Representatives BENTZ, CANNON,
  CLEM, FREEMAN, GARRARD, HUFFMAN, JENSON, SHIELDS
 
 
                             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.
 
  Authorizes counties to designate educational development zones
in which graduates of Oregon post-secondary institutions may
defer payment of property taxes on newly purchased homes.
  Directs Director of Economic and Community Development
Department to adopt rules directing counties in designating zones
and establishing criteria for eligibility.
  Directs Director of Department of Revenue to adopt rules
establishing terms of and procedures for claiming tax deferral.
  Applies to tax years beginning on or after July 1, 2010.
  Takes effect on 91st day following adjournment sine die.
 
                        A BILL FOR AN ACT
Relating to property tax deferral; and prescribing an effective
  date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) A county may designate educational
development zones in which a graduate of a post-secondary
institution located in Oregon may defer payment of property taxes
on a principal residence purchased on or after the effective date
of this 2009 Act.
  (2) The Director of the Economic and Community Development
Department shall adopt rules pursuant to which a county may
designate an educational development zone and establish the
criteria for eligibility for tax deferral under subsection (1) of
this section.
  (3) The Director of the Department of Revenue shall adopt rules
establishing the terms of and the procedures for claiming a tax
deferral under subsection (1) of this section. + }
  SECTION 2.  { + The tax deferral allowed under section 1 of
this 2009 Act applies to tax years beginning on or after July 1,
2010. + }
  SECTION 3.  { + 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. + }
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