HB 2009

Abstract

Establishes refundable income and corporate excise tax credit allowed for qualified research activities and sets increased maximum credit amount. Limits use of credit to semiconductor or other advanced manufacturing industries. Requires taxpayer seeking credit to obtain certification from Oregon Business Development Department. Requires taxpayer seeking credit for tax year beginning in calendar year 2024 to register with department. Directs Legislative Revenue Officer to report to Legislative Assembly on information submitted with registrations. Applies to tax years beginning on or after January 1, 2024, and before January 1, 2030. Extends sunset date of enterprise zone program. and modifies related provisions. Provides limitation on number of years for which property in enterprise zone may be exempt from property taxes imposed by school districts.] Requires zone sponsor to post on sponsor's website terms of agreements with business firms seeking exemption. Requires department to provide technical assistance upon request to zone sponsors entering into such agreements. Adds long term rural enterprise zone program to those for which report must be posted on Oregon transparency website. Requires department to study transparency of enterprise zone programs and submit report to interim legislative committees related to revenue. Requires zone sponsor entering into agreement with business firm to notify adjacent local governments of possible increase in use of infrastructure. Bars enterprise zone participation by business firms significantly engaged in operating retail fulfillment centers. Coordinates statutes governing termination of enterprise zones. Creates sunset date for strategic investment program and modifies related provisions. Disallows agreements entered into on or after July 1, 2030.] Requires business firms in strategic investment program to hold job fair. Adds ports to parties required to enter into agreement for designation of strategic investment zone. Sunsets county authority to designate strategic investment zones. Directs department to make negotiation training materials available to parties to agreement required for designation of zone. Raises maximum amount of community services support fee and indexes amount to increase, if any, in consumer price index. Requires approval of agreement by all affected special districts that provide emergency service. Increases minimum total cost of eligible project under strategic investment program and indexes cost to increase, if any, in consumer price index. Decreases maximum amount of personal income tax revenue that may be distributed per year to any county under strategic investment program.] Requires Legislative Revenue Officer to study strategic investment program and submit report to interim legislative committees related to revenue. Extends sunset date for gain share program. Applies to property tax years beginning on or after July 1, 2024.] Provides for school support fee in lieu of property taxes exempted in enterprise zones in amount of forgone taxes multiplied by rate negotiated by zone sponsor and affected school districts. Requires addition to federal taxable income of amounts excluded as gain attributable to investment in federal qualified opportunity zone. Allows subtraction in later tax year if gain is temporarily deferred at federal level. Applies to tax years beginning on or after January 1, 2024, and to amounts initially invested in non-Oregon opportunity zones on or after January 1, 2024.] Takes effect on 91st day following adjournment sine die.