Relating to strategic investment; prescribing an effective date.
Catchline/Summary:
For purposes of transfer to Shared Services Fund, requires Oregon Department of Administrative Services to state separately personal income tax revenue attributable to new jobs and retained jobs. For purposes of transfer to Shared Services Fund, requires Oregon Department of Administrative Services to state separately personal income tax revenue attributable to new jobs and retained jobs. Modifies transfer to amount equal to 50 percent of amount attributable to new jobs and 40 percent of amount attributable to retained jobs for projects located in county for which total amount attributable to new and retained jobs exceeds $5 million.
Requires Department of Revenue to transfer five percent of total annual amount of personal income tax revenue attributable to eligible projects to Local Economic Opportunity Fund. Continuously appropriates transferred moneys and interest on transferred moneys in fund to Oregon Business Development Department for grant program to support economic development in fiscally distressed counties.
Extends sunset of shared services transfer statutes. Clarifies that statute requiring transfers applies to income taxes attributable to eligible project approved for exemption before sunset date for length of exemption.
Takes effect on 91st day following adjournment sine die.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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