Oregon SB 1586 alters semiconductor research tax credits, increases economic development incentives, and establishes state agency permit processing deadlines

Digest: The Act would change the tax credit for semiconductor research. The Act would set up and change some tax breaks for advanced manufacturing, enterprise zones and regionally significant industrial sites. The Act would direct certain state agencies to set up deadlines to process applications for permits and to make the deadlines public. The Act would make those agencies, no later than 60 days after the date on which the Act becomes law, publish a list of the permits that they issue. The Act would change tax and other laws and rezone lands to aid economic growth. (Flesch Readability Score: 60.4). Modifies the tax credit allowed for semiconductor research. Creates and amends certain programs offering tax breaks related to advanced manufacturing, enterprise zones and regionally significant industrial sites. Directs certain state agencies to establish deadlines within which the agency intends to process applications for permits and make the deadlines available to the public. Directs certain state agencies to publish a catalog of permits issued by the agency within 60 days after the effective date of the Act. Adds rural reserves in Washington County to Metro to be used for high-technology and advanced manufacturing purposes. Takes effect on the 91st day following adjournment sine die.

Taxpayers, advanced manufacturing businesses, and semiconductor companies face altered tax credit structures, new wage and employment thresholds for property tax exemptions, and mandatory timelines for state agency permit applications.

• ›Oregon's enterprise zone programs and tax credits for semiconductor research are key components of the state's economic development strategy to attract advanced technology manufacturing. context