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 1910
 
                         Senate Bill 347
 
Sponsored by Senator NELSON
 
 
                             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.
 
  Modifies provisions for estates claiming natural resource
property or commercial fishing property tax credit on inheritance
tax return.
  Takes effect on 91st day following adjournment sine die.
 
                        A BILL FOR AN ACT
Relating to applicability date for estates claiming inheritance
  tax credits; creating new provisions; amending section 3,
  chapter 28, Oregon Laws 2008; and prescribing an effective
  date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. Section 3, chapter 28, Oregon Laws 2008, is amended
to read:
   { +  Sec. 3. + } The amendments to ORS 118.140 by section 1
 { - of this 2008 Act - }  { + , chapter 28, Oregon Laws
2008, + } apply to estates of decedents who die on or after
 { - January 1, - }   { + May 1, + } 2007.
  SECTION 2.  { + Notwithstanding section 3, chapter 28, Oregon
Laws 2008, in the case of estates of decedents dying on or after
January 1, 2007, but before May 1, 2007, taxpayers may elect not
to file amended returns and, if so, the Department of Revenue
shall waive any additional liability of the estates that would
otherwise be due. + }
  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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