2015 Oregon Revised Statutes
Volume : 07 - Public Facilities, Finance
Chapter 285B - Economic Development II
Section 285B.630 - Report required; determination of estimated incremental income tax revenues; transfer of certified amounts to fund; rules.

(1) Beginning with the tax year following the fifth tax year in which a project sponsor was qualified under ORS 285B.627, on or before April 1 following each tax year in which employees of an eligible employer will be required to pay personal income taxes under ORS chapter 316, the eligible employer and the project sponsor with which the eligible employer has entered into a contract under ORS 285B.625 to 285B.632 shall submit a report to the Oregon Business Development Department, in addition to any other reporting or filing requirement, that contains the annual amount of taxable income and total compensation paid to employees of the eligible employer and any other information that may be required by the Oregon Business Development Department and the Oregon Department of Administrative Services under this section.

(2) Upon receipt of information compiled under subsection (1) of this section, the Oregon Department of Administrative Services shall determine the annual amount of estimated incremental income tax revenues generated by an eligible employer per tax year, beginning with the tax year following the fifth tax year in which a project sponsor was qualified under ORS 285B.627.

(3) In determining the amount of estimated incremental income tax revenues generated by an eligible employer under this section, the Oregon Department of Administrative Services may rely on reasonable techniques of estimation, if appropriate.

(4) Not later than May 15 of each fiscal year, the Oregon Department of Administrative Services shall certify the amounts determined under subsection (2) of this section to the Department of Revenue, the Legislative Revenue Officer and the Legislative Fiscal Officer.

(5) Not later than June 15 of each fiscal year, after receiving the certification under subsection (4) of this section, the Department of Revenue shall transfer to the Oregon Industrial Site Readiness Program Fund established in ORS 285B.632 an amount equal to 50 percent of the amount of estimated incremental income tax revenues certified under subsection (4) of this section.

(6) The Department of Revenue shall retain unreceipted revenue from the tax imposed under ORS chapter 316 in an amount necessary to make the transfers required under subsection (5) of this section. The department shall make the transfers out of the unreceipted revenue in lieu of paying the revenue over to the State Treasurer for deposit in the General Fund.

(7) The Oregon Business Development Department and the Oregon Department of Administrative Services shall adopt rules necessary to administer this section. The Department of Revenue may adopt rules necessary to administer this section.

[2013 c.763 §4]

Note: See note under 285B.625.