Oregon Statutes - Chapter 307 - Property Subject to Taxation; Exemptions - Section 307.065 - Property of the United States in possession of contractor under federal defense or space contract.

Notwithstanding the provisions of ORS 307.060, there shall be exempt from ad valorem taxation all parts and materials, all work in process and all finished products, the title to which is vested in the United States pursuant to clauses in a federal defense or space contract entered into by a contractor and an Armed Forces procurement agency, which have come into the possession of a contractor under a federal defense or space contract for the assembly or manufacture of a product or products pursuant to such contract. [1965 c.298 §2]

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Last modified: August 7, 2008