Relating to strategic investment; and declaring an emergency.
Catchline/Summary:
Directs Department of Revenue to make shared services distributions out of unreceipted revenue. Directs Department of Revenue to make shared services distributions out of unreceipted revenue. In county for which annual amount of personal income tax revenue attributable to eligible projects exceeds $5 million, requires distribution of 60 percent of amount that would otherwise be distributed to county to State School Fund, Higher Education Coordinating Commission for expansion of certain Oregon State University programs and Department of Education Career and Technical Education Revitalization Grant Program.] Requires shared services distributions be made to each county in which eligible project is located in amount equal to 20 percent of total annual amount of personal income tax revenue attributable to retained jobs for all eligible projects in county and 50 percent of total annual amount of personal income tax revenue attributable to newly created jobs for all eligible projects in county. Caps distribution to any county at $16 million for any year.Sunsets shared services distributions for eligible projects that first become exempt from property taxation under strategic investment program on or after January 1, 2029, but continues distributions for eligible projects already exempted on sunset date as long as projects remain exempt from property taxation under strategic investment program.] Provides shared services distributions may not be made after July 15, 2024.
Declares emergency, effective on passage.
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SB 129
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