Relating to economic development; and prescribing an effective date.
Catchline/Summary:
Allows taxpayer to carry over tax credit allowed for qualified equity investment up to fifth succeeding tax year.For purposes of] Allows taxpayer to carry over tax credit allowed for qualified equity investment , allows taxpayer to claim less than full amount of credit] up to fifth succeeding tax year. Increases maximum amount of qualified low-income community investments that may be made with proceeds of qualified equity investments that are certified for tax credit. Provides that reduction in corporate excise tax through application of credit allowed for qualified equity investment is not considered in calculation of retaliatory tax imposed against insurer. Establishes timeframe during which qualified equity investment may be issued.
Applies to qualified equity investments made on or after July 1, 2012, to qualified low-income community investments made on or after January 1, 2014, and to tax years beginning on or after January 1, 2013.
Requires Oregon Business Development Department to annually report to Oregon Department of Administrative Services costs and fees for administering tax credit, and other specified information. Requires that report be posted to Oregon transparency website.
Takes effect on 91st day following adjournment sine die. .
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HB 2763 Senate Committee On Finance and Revenue
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