2013 Regular SessionSB 246 B
|At the request of:||(at the request of Senate Interim Committee on Business, Transportation and Economic Development)|
|Regular Sponsors:||(Presession Filed)|
|Bill Title:||Relating to the Oregon Industrial Site Readiness Program; appropriating money; and prescribing an effective date.|
|Catchline/Summary:||Requires Oregon Business Development Department to establish and administer Oregon Industrial Site Readiness Program to enter into tax reimbursement arrangements with, or to make loans to, qualified project sponsors for development of certified regionally significant industrial sites.
Allows department to forgive portions of loans where project sponsor contracts with eligible employer. Limits loan forgiveness to lesser of percentage of eligible site preparation costs or estimated incremental income tax revenues. <b>Caps authorized amount of tax reimbursement arrangements and loan amounts to not more than $10 million per year. Directs eligible employers and project sponsors to submit report to Oregon Business Development Department of annual amount of taxable income and total compensation paid to employees. Directs Oregon Department of Administrative Services to certify to Department of Revenue, Legislative Revenue Officer and Legislative Fiscal Officer annual amount of estimated incremental income tax revenues beginning with tax year following fifth tax year in which project sponsor was qualified. Directs Department of Revenue to transfer 50 percent of certified estimated incremental income tax revenues to Oregon Industrial Site Readiness Program Fund.</b> Establishes Oregon Industrial Site Readiness Program Fund. Continuously appropriates moneys in fund to Oregon Business Development Department. <b>Increases expenditure limitation from lottery moneys allocated from Administrative Services Economic Development Fund to Oregon Business Development Department for Oregon Industrial Site Readiness Program.</b> Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||Fiscal Impact Issued|
|Revenue Impact:||No Revenue Impact, Statement Issued (Indeterminate Impact)|
|Measure Analysis:||Staff Measure Summary / Impact Statements|