Proposes amendment to Oregon Constitution to exempt local taxing districts from certain limitations on bonded indebtedness if bonded indebtedness is incurred to finance capital costs.


 
 
 
     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 1719
 
                         Minority Report
 
                           B-Engrossed
 
                    House Joint Resolution 13
                  Ordered by the Senate June 24
  Including House Amendments dated April 23 and Senate Minority
                 Report Amendments dated June 24
 
Sponsored by nonconcurring members of the Senate Committee on
  Rules: Senators FERRIOLI, BOQUIST
 
 
                             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.
 
    { - Proposes revision of Oregon Constitution to exempt local
taxing districts from certain limitations on bonded indebtedness
if bonded indebtedness is incurred to finance capital costs. - }
    { - Allows state to loan credit and incur specified amount of
indebtedness to provide funds to school districts to finance
capital costs. Specifies that indebtedness must be incurred in
form of general obligation bonds. Specifies sources for repaying
bonds. - }
    { - Creates school capital matching fund for purposes of
financing school district capital costs and repaying bonds.
Deletes provisions relating to school matching subaccount in
education stability fund and outdated provision relating to
transference of moneys from education stability fund. Transfers
moneys in subaccount to school capital matching fund on specified
date. - }
    { - Sunsets provision transferring moneys on January 2,
2011. - }
   { +  Proposes amendment to Oregon Constitution to allow credit
against personal income taxes, corporate income taxes or
corporate excise taxes for taxpayers that create certain new
employment positions. Specifies amount of credit and terms of
use.
  Sunsets on January 2, 2013. + }
  Refers proposed   { - revision - }   { + amendment + } to
people for their approval or rejection at next   { - primary - }
 { + regular general + } election.
 
                        JOINT RESOLUTION
Be It Resolved by the Legislative Assembly of the State of
  Oregon:
  PARAGRAPH 1. The Constitution of the State of Oregon is amended
by creating new sections 15 and 15a to be added to and made a
part of Article IX, such sections to read:
 
   { +  SECTION 15. (1) A credit against taxes that are otherwise
due under the personal income tax laws of this state or, if the
taxpayer is a corporation, under the corporate income and excise
tax laws of this state is allowed to a taxpayer who creates new
employment positions. The amount of the credit is $3,000 for each
full-time position that is created. If any created positions are
part-time, the amount of the credit shall be prorated to equal
$3,000 multiplied by the total number of full-time equivalent
positions created.
  (2) In order to qualify a taxpayer for the credit allowed under
this section, a position must:
  (a) Be filled between July 1, 2009, and December 31, 2009;
  (b) Remain filled for at least 12 consecutive months; and
  (c) Create a net increase in the number of full-time equivalent
positions of the taxpayer compared to the taxpayer's payroll as
of June 1, 2009.
  (3) Prior to claiming the credit allowed under this section, a
taxpayer is required to receive written certification of
eligibility from a state agency designated by law.
  (4) The credit allowed under this section may not exceed the
tax liability of the taxpayer for the tax year.
  (5) Any tax credit otherwise allowable under this section that
is not used by the taxpayer in a particular tax year may be
carried forward and offset against the taxpayer's tax liability
for the next succeeding tax year. Any credit remaining unused in
the next succeeding tax year may be carried forward and used in
the second succeeding tax year, and likewise any credit not used
in that second succeeding tax year may be carried forward and
used in the third succeeding tax year but may not be carried
forward for any tax year thereafter.
  (6) A nonresident shall be allowed the credit under this
section. The credit shall be computed in the same manner and be
subject to the same limitations as the credit granted to a
resident.
  (7) If a change in the taxable year of the taxpayer occurs, the
Legislative Assembly shall provide by law the manner in which the
credit allowed by this section shall be prorated or computed.
  (8) If a change in the status of a taxpayer from resident to
nonresident or from nonresident to resident occurs, the credit
allowed by this section shall be determined in a manner provided
by the Legislative Assembly by law.
  (9) The total amount of tax credits allowed to taxpayers under
this section may not exceed $10 million.
  (10) A state agency designated by law may adopt rules for the
purposes of this section, including policies and procedures for
certifying taxpayers as eligible for the credit allowed under
this section as required by subsection (3) of this section. + }
   { +  SECTION 15a. + }  { + Section 15 of this Article is
repealed on January 2, 2013. + }
 
  PARAGRAPH 2.  { + The amendment proposed by this resolution
shall be submitted to the people for their approval or rejection
at the next regular general election held throughout this
state. + }
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