Bill Text: OR SB817 | 2011 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to tax credits for investments in low-income communities; and prescribing an effective date.

Spectrum: Bipartisan Bill

Status: (Passed) 2011-08-09 - Effective date, September 29, 2011. [SB817 Detail]

Download: Oregon-2011-SB817-Amended.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

SA to SB 817

LC 3153/SB 817-1

                      SENATE AMENDMENTS TO
                         SENATE BILL 817

                By JOINT COMMITTEE ON TAX CREDITS

                             June 22

  On page 1 of the printed bill, line 18, after the period insert
' ' Qualified active low-income community business' does not
include a business that derives or projects to derive 15 percent
or more of its annual revenue from the rental or sale of real
estate, unless the business is controlled by, or under common
control with, another business that:
  ' (a) Does not derive or project to derive 15 percent or more
of its annual gross revenues from the rental or sale of real
estate; and
  ' (b) Is the primary tenant of real estate leased from the
controlled business.'.
  On page 2, delete lines 9 through 11 and insert:
  ' (2) A person that makes a qualified equity investment shall,
at the time of investment, earn a vested credit against the taxes
otherwise due under ORS chapter 316 or, if the person is a
corporation, under ORS chapter 317 or 318.'.
  In line 31, delete 'This paragraph does not limit' and insert
'Neither this paragraph nor the definition of 'long-term debt
security' provided in section 2 of this 2011 Act in any way
limits'.
  In line 35, delete 'It must be' and insert 'A business shall be
considered a qualified active low-income community business for
the duration of a qualified community development entity's
investment in or loan to the business, if it is'.
  On page 3, line 11, delete '$3 million' and insert '$4
million'.
  In line 14, delete 'a taxpayer' and insert 'an entity'.
  In line 25, delete 'taxpayer that is a'.
  In line 29, delete 'taxpayer' and insert 'entity'.
  In line 31, delete 'taxpayer's' and insert 'entity's'.
  In line 32, delete 'taxpayer's' and insert 'entity's'.
  On page 4, line 1, delete '$5,000' and insert '$20,000'.
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