Oregon 2023 Regular Session

Oregon House Bill HB2068

Introduced
1/9/23  
Refer
1/16/23  

Caption

Relating to an exemption for the property of centrally assessed companies.

Impact

The impact of HB 2068 on state laws involves extending the exemption period that allows centrally assessed companies to benefit from reduced property tax rates. By doing so, the bill could bolster economic activity from these businesses, as they would retain more capital to reinvest in operations or improvement initiatives. However, the extension of this exemption may also translate into reduced tax revenues for local governments, which rely on property taxes as a crucial source of funding for public services. Balancing the financial advantages for businesses and the fiscal responsibilities of municipalities is at the core of this bill's implications.

Summary

House Bill 2068 proposes an extension of the exemption for property owned by centrally assessed companies, a category that typically includes large entities like public utilities. This bill seeks to amend existing tax legislation, specifically targeting the property tax liabilities that these companies face. By extending the sunset of this exemption, which was set to expire in 2025, the bill aims to provide continued financial relief for these businesses and spur their operations within the state of Oregon. This is particularly significant for companies that may be facing significant expenses that could hinder their contributions to the local economy.

Sentiment

Sentiment surrounding HB 2068 appears to reflect a mix of support and concern among lawmakers and the public. Proponents argue that the exemption is vital for maintaining competitive business conditions, projecting that it fosters growth and investment. Conversely, critics express concerns about the implications of extending such tax breaks, emphasizing that the state should focus on equitable tax solutions that address the fiscal needs of local governments that serve the community. This duality highlights a critical space in the legislative discussions where economic priorities and the need for sustainable public funding intersect.

Contention

Notable points of contention regarding HB 2068 arise from the debate between sustained business support through tax exemptions and the need for local governments to generate sufficient revenue to fund essential services. Detractors worry that continued exemptions favor large companies over small businesses and everyday taxpayers, potentially exacerbating economic disparities. As the legislative process unfolds, key discussions will likely focus on how to balance the interests of businesses with the responsibilities of state and local governance, coupled with community needs that rely on stable funding.

Companion Bills

No companion bills found.

Previously Filed As

OR SB146

Relating to an exemption for the property of centrally assessed companies.

OR HB3551

Relating to the assessment of the property of air transportation companies; prescribing an effective date.

OR SB465

Relating to the taxation of the property of jet boat companies; prescribing an effective date.

OR SB54

Revise centrally assessed property appraisals

OR SJR2

Proposing an amendment to the Oregon Constitution relating to excluding partial exemptions and property tax credits from the requirement of redetermining the maximum assessed value of property granted exemption or credit.

OR SJR201

Proposing amendment to Oregon Constitution to exclude partial exemptions and property tax credits from requirement of redetermining maximum assessed value of property granted exemption or credit.

OR HB4054

Relating to special assessment of historic property; and prescribing an effective date.

OR SB1519

Relating to property tax exemption for community solar projects; and prescribing an effective date.

OR HB1253

Provide property assessment freeze and reduction of property assessment for certain seniors, and to revise qualifications for a property tax exemption.

OR SB54

Relating to property tax exemption for community solar projects; prescribing an effective date.

Similar Bills

No similar bills found.