SB 1084

Abstract

Restores tax credit allowed for qualified research activities at increased maximum credit amount. Expands availability of credit to personal income taxpayers. Provides for refundability of portion of credit for taxpayer with fewer than 150 employees and for transferability of credit. Sets limit for credits allowed for transfer in state per tax year. Increases maximum amount of alternative qualified research credit allowed to taxpayer with insufficient increase in research expenses to claim standard credit. Exempts from commercial activity subject to corporate activity tax amount of qualified research credit allowed against corporate excise tax. Applies to tax years beginning on or after January 1, 2024, and before January 1, 2030. Extends sunsets of certain programs providing economic incentives. Provides that business firm is not eligible to claim enterprise zone exemptions if significantly engaged in operating retail purchase fulfillment center. Increases maximum community service fee for strategic investment program and indexes fee amount for inflation. Increases taxable portion of real market value of eligible project in strategic investment program. Increases maximum annual amount of distribution county may receive under gain share program and indexes maximum amount for inflation. Directs Oregon Business Development Department, in consultation with Legislative Revenue Officer, to study transparency of agreements related to enterprise zone programs entered into between zone sponsors and business firms. Requires department to report study findings to interim committees of Legislative Assembly related to economic development. Takes effect on 91st day following adjournment sine die.