Oregon 2023 Regular Session

Oregon Senate Bill SB129

Introduced
1/9/23  
Refer
1/15/23  
Report Pass
3/6/23  
Refer
3/6/23  
Report Pass
6/15/23  
Engrossed
6/20/23  
Refer
6/20/23  
Report Pass
6/22/23  
Enrolled
6/22/23  
Passed
7/31/23  
Chaptered
8/15/23  

Caption

Relating to a tax credit for certified Opportunity Grant contributions; and prescribing an effective date.

Impact

If SB129 is enacted, it will effectively amend the existing law governing tax credits for Opportunity Grant contributions. The legislation seeks to encourage continued financial contributions that may facilitate economic growth and the provision of opportunities in the state. Proponents of the bill suggest that extending this tax credit is critical for sustaining investment and promoting development programs that benefit various sectors of the economy.

Summary

Senate Bill 129 aims to extend the sunset period for a tax credit associated with certified Opportunity Grant contributions. This proposal is focused on tax years commencing on or after January 1, 2018, and before January 1, 2023, allowing taxpayers an exception to claim credits for tax years beginning in 2023 provided they receive proper certification before March 1, 2023. The bill reflects the ongoing efforts to stimulate economic development through tax incentives for potential investors.

Contention

During discussions surrounding SB129, considerations were made regarding the implications of extending tax credits, especially about maintaining fiscal responsibility and ensuring that the benefits of the tax credit are balanced with state budgetary needs. Some legislators expressed concerns over the potential long-term impact on state revenues, suggesting that additional scrutiny may be required regarding how effectively these credits lead to substantial economic benefits.

Companion Bills

No companion bills found.

Previously Filed As

OR HB2075

Relating to a tax credit for certified Opportunity Grant contributions.

OR SB261

Relating to tax credits for contributions to scholarship granting organizations; prescribing an effective date.

OR HB2093

Relating to tax credit applicability provisions; and prescribing an effective date.

OR SB1502

Relating to tax credits for small forestland owners; and prescribing an effective date.

OR HB2071

Relating to revenue; and prescribing an effective date.

OR SB1524

Relating to taxation; and prescribing an effective date.

OR HB4002

Relating to overtime for agricultural workers; and prescribing an effective date.

OR HB3235

Relating to a child tax credit; and prescribing an effective date.

OR SB108

Relating to tax credits for crop donation; prescribing an effective date.

OR HB2774

Relating to a paid sick leave tax credit; prescribing an effective date.

Similar Bills

No similar bills found.