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2016 Regular Session
Overview
At the request of:
Chief Sponsors: Senator Boquist, Burdick, Representative Davis, Evans
Regular Sponsors: Senator Beyer, Devlin,Edwards,Ferrioli, Gelser, Girod, Hass, Johnson, Knopp, Monnes Anderson, Riley, Rosenbaum,Shields, Steiner Hayward, Thatcher, Thomsen, Representative Barker, Barreto, Boone, Doherty, Esquivel, Fagan,Gilliam, Gomberg, Hack,Hoyle, Kennemer, Krieger, Nosse, Olson, Whisnant, Williamson, Wilson (Presession filed.)
Bill Title: Relating to property tax benefits; and prescribing an effective date.
Catchline/Summary: Authorizes city or county to adopt exemption for newly constructed or installed industrial improvements at location in rural area that have cost of initial investment of at least $1 million and not more than $25 million.
Authorizes city or county to adopt exemption for newly constructed or installed industrial improvements with] at location in rural area that have cost of initial investment of at least $1 million and not more than $25 million. Provides that qualified property must be owned or leased by applicant and used through final year of exemption for purpose and at location identified in application. Provides exemption shall be granted as 100 percent exemption for any three of five consecutive years unless city or county adopts other terms. Provides that ordinance or resolution granting exemption may not take effect unless rates of taxation of taxing districts whose governing bodies agree to grant exemption equal 75 percent or more of total combined rate of taxation. Requires exemption to be granted to all eligible industrial improvements on same terms in effect on date application is submitted. Prohibits stacking of exemptions or special assessments other than exemption for commercial facilities under construction. Allows city or county to amend or terminate exemption, subject to approval process of taxing districts described above, but provides that industrial improvements granted exemption continue to receive exemption under terms in effect at time exemption was first granted. Authorizes city or county to grant deferral of property taxes instead of exemption within same parameters. Provides for clawbacks of tax exemption savings or deferred taxes upon disqualification of industrial improvements. If application for exemption is otherwise eligible for approval, requires city or county and applicant to agree to conditions related to hiring and employment and other reasonable conditions related to economic development established by city or county. Requires city or county to approve application by resolution that states agreed upon conditions and notifies county assessor and Department of Revenue of approval. Requires city or county that has granted exemption under Act to submit certain information related to exemption to Department of Revenue for posting on Oregon transparency website. Sunsets authority of city or county to adopt exemption or deferral on January 2, 2027] 2024. Provides that industrial improvements granted exemption or deferral before sunset date continue to receive exemption or deferral under terms in effect at time granted. Takes effect on 91st day following adjournment sine die.
Chapter Number: Chapter 112
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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