Notwithstanding ORS 285C.190, if an authorized business firm files a claim for exemption under ORS 285C.175 prior to April 1, 2004, at the option of the business firm, all of the following apply in lieu of ORS 285C.190:
(1) If the firm completes the reconditioning, refurbishing, retrofitting or upgrading of real property machinery or equipment that is described in ORS 285C.190 (1), the reconditioned, refurbished, retrofitted or upgraded real property machinery or equipment is qualified property under ORS 285B.713 (2001 Edition) and potentially subject to enterprise zone tax exemption for all of the property’s value if the following requirements are satisfied:
(a) Prior to the period of idleness, the property was in use within the enterprise zone for at least 12 consecutive months;
(b) The reconditioning, refurbishing, retrofitting or upgrading of the property involved an investment of at least $3 million; and
(c) As a result of reconditioning, refurbishing, retrofitting or upgrading the property, the value of the property is at least $25 million more than the assessed value for the tax year prior to the first tax year of the enterprise zone tax exemption.
(2) The reconditioning, refurbishing, retrofitting or upgrading of real property machinery or equipment described in subsection (1) of this section is a modification of property for purposes of ORS 285C.050 to 285C.250.
(3) ORS 285C.175 (4)(a) to (c) does not apply to qualified property described in subsection (1) of this section.
(4) ORS 285C.200 (1)(c) does not apply to a business firm applying for or claiming an enterprise zone tax exemption for qualified property described in subsection (1) of this section if the provisions of ORS 285C.155 for sponsor approval by resolution of the local governing body or bodies are satisfied. [2003 c.662 §38a]
(Firm and Employment Qualifications)
Section: Previous 285C.160 285C.165 285C.170 285C.175 285C.180 285C.185 285C.190 285C.195 285C.200 285C.205 285C.210 285C.215 285C.220 285C.225 285C.230 NextLast modified: August 7, 2008