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2011 Regular Session
Overview
At the request of:
Chief Sponsors:
Regular Sponsors: Tax Credits
Bill Title: Relating to tax expenditures; appropriating money; and prescribing an effective date.
Catchline/Summary: Adjusts sunsets for and modifies provisions relating to certain tax credits, including tax credits for energy facilities and devices.
Requires joint legislative interim committee on revenue to study costs and benefits of Oregon's tax expenditures and make recommendations to Seventy-sixth Legislative Assembly.] Modifies provisions relating to credits for certified film production development contributions and requires auction of credits. Provides that, in lieu of allowing tax credit, Legislative Assembly annually may appropriate moneys for deposit in Oregon Production Investment Fund. Limits tax credits to $6 million per fiscal year. Applies to certifications issued on or after June 30, 2012. Reduces total amount of reimbursements to local filmmakers from Oregon Production Investment Fund to $250,000 per fiscal year. Applies to fiscal years beginning after June 30, 2011, and before July 1, 2013. Extends time during which certain less restrictive qualifications apply to counties in which businesses seek development income tax exemption. Requires business operations of firm to commence at least 24 months before application for annual certification. Applies to applications for preliminary certification under Oregon Investment Advantage Act filed on or after July 1, 2011. Creates tax credit for renewable energy development contributions. Directs Department of Revenue, in cooperation with State Department of Energy, to conduct auction of tax credits. Establishes Renewable Energy Development Subaccount in Clean Energy Deployment Fund established in section 1, chapter 467, Oregon Laws 2011 (Enrolled House Bill 2960), and requires that auction proceeds be deposited in subaccount for purposes related to renewable energy development. Provides for grants to fund renewable energy production systems and for administration of grants by State Department of Energy. Provides that, in lieu of allowing tax credit, Legislative Assembly annually may appropriate moneys for deposit in Renewable Energy Development Subaccount. Limits amount of credits and corresponding grants to $3 million for any biennium. Applies to tax years beginning on or after January 1, 2011, and before January 1, 2018, and to applications for grants submitted after July 1, 2011. Creates tax credits for energy conservation projects and for transportation projects. Provides for certification and administration of tax credits by State Department of Energy. Limits total certified cost of energy conservation project to $10 million. Limits total amount of potential tax credits for energy conservation projects per biennium to $28 million and amount of potential tax credits for transportation projects per biennium to $20 million. Limits amount of tax credits for third-party alternative energy device installations in any tax year to $10 million. Applies to applications for preliminary certification submitted after July 1, 2011, and to tax years beginning on or after January 1, 2011, and before January 1, 2016, except for purposes of alternative fuel vehicle infrastructure projects, before January 1, 2018. Requires Oregon Film and Video Office, State Department of Energy, Public Utility Commission and Department of Revenue to report to Legislative Assembly on operation of provisions related to certain tax credits modified or created in Act. Takes effect on 91st day following adjournment sine die.
Chapter Number: Chapter 730
Fiscal Impact: Fiscal Impact Issued
Revenue Impact: Revenue Impact Issued
Measure Analysis: Staff Measure Summary / Impact Statements
Current Location: Chapter Number Assigned
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