Relating to strategic investment; prescribing an effective date.
Catchline/Summary:
Requires Department of Revenue to transfer 10 percent of total annual amount of personal income tax revenue attributable to eligible projects located in counties for which cumulative amount exceeds $5 million to Local Economic Opportunity Fund. Requires Department of Revenue to transfer 10 percent of total annual amount of personal income tax revenue attributable to eligible projects located in counties for which cumulative amount exceeds $5 million 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.
Requires Department of Revenue to transfer to Shared Services Fund cumulative amount for all eligible projects, less amount of transfer to Local Economic Opportunity Fund, multiplied by 50 percent.
In county for which total amount of personal income tax revenue attributable to eligible project exceeds $5 million, requires 40 percent of distribution county would otherwise receive to be distributed to school districts with schools in county and to State School Fund for distribution to school districts without schools in county. Excludes distributions to school districts from local revenues for purposes of State School Fund distributions.
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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HB 2882 House Committee On Revenue
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