74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 2153
 
                           A-Engrossed
 
                         House Bill 3046
                   Ordered by the House May 16
             Including House Amendments dated May 16
 
Sponsored by COMMITTEE ON REVENUE
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure.
 
  Creates exemption for natural gas pipeline extension projects
receiving moneys from Oregon Unified International Trade Fund.
  Applies to tax years beginning on or after July 1, 2007.
  Takes effect on 91st day following adjournment sine die.
 
                        A BILL FOR AN ACT
Relating to property tax exemption for natural gas pipeline
  extension projects; and prescribing an effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) Property used for a natural gas pipeline
extension project is exempt from ad valorem property taxation if:
  (a) The project receives or has received moneys from the Oregon
Unified International Trade Fund to pay any portion of the
project;
  (b) The length of the pipeline, including additions or
improvements, does not exceed 115 miles; and
  (c) The owner of the property is a local government, as defined
in ORS 174.116.
  (2) The exemption under this section applies to all property
used for the project, real and personal, tangible and intangible.
  (3) Notwithstanding ORS 307.110 or 308.505 to 308.665 or any
other provision of state law, property that is exempt under this
section is not disqualified from exemption if a person other than
the owner:
  (a) Holds a lease, sublease or other interest in the exempt
property; or
  (b) Holds, manages or uses any portion of the project. + }
  SECTION 2.  { + Section 1 of this 2007 Act applies to property
tax years beginning on or after July 1, 2007. + }
  SECTION 3.  { + This 2007 Act takes effect on the 91st day
after the date on which the regular session of the Seventy-fourth
Legislative Assembly adjourns sine die. + }
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