2019 Oregon Revised Statutes
Volume : 07 - Public Facilities and Finance
Chapter 285B - Economic Development II
Section 285B.630 - Department to obtain employment and wage information for eligible employers at regionally significant industrial sites and determine estimated incremental income tax revenues; transfer of certified amounts to fund; rules.
(1) On or before April 1 of each tax year following the first tax year in which an employee of an eligible employer on a regionally significant industrial site designated under ORS 285B.627 will be required to pay personal income taxes under ORS chapter 316, the Oregon Business Development Department shall obtain employment and wage information for the eligible employer at the regionally significant industrial site.
(2) After obtaining the employment and wage information described in subsection (1) of this section, the Oregon Business Development Department shall determine the annual amount of estimated incremental income tax revenues generated by an eligible employer per tax year.
(3) In determining the amount of estimated incremental income tax revenues generated by an eligible employer under this section, the Oregon Business Development Department may rely on reasonable techniques of estimation, if appropriate.
(4) Not later than May 15 of each year, the Oregon Business Development Department shall request that the Oregon Department of Administrative Services 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 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, not to exceed the amount of eligible site preparation costs, including interest, established under ORS 285B.627 (7).
(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 shall adopt rules necessary to administer this section. The Department of Revenue may adopt rules necessary to administer this section. [2013 c.763 §4; 2017 c.561 §4]
Note: See note under 285B.625.
