(at the request of Senate Interim Committee on Business, Transportation and Economic Development)
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Bill Title:
Relating to investment in innovation; appropriating money; prescribing an effective date.
Catchline/Summary:
Permits taxpayer to defer recognition of long-term capital gain if taxpayer makes contribution to Innovation Development Fund. Permits taxpayer to defer recognition of long-term capital gain if taxpayer makes contribution to Innovation Development Fund. Authorizes Department of Revenue to administer tax deferral program.
Establishes Innovation Development Fund with purpose of facilitating commercialization of university research and development. Directs consortium of Oregon universities to award grants from fund and issue tax deferral certifications to taxpayers making contributions to fund. Directs Oregon Business Development Department to disburse grant moneys. Continuously appropriates moneys in fund to department for grant program.
Requires consortium and department to report annually to Legislative Assembly on operation of fund.
Applies to contributions made in tax years beginning on or after January 1, 2014.
Takes effect on 91st day following adjournment sine die.
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SB 255 Senate Committee On Business and Transportation
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