Senate Bill 1524

Modifies provisions of tax laws. Increases expense reimbursement percentage allowed to single film or single local media production project from Oregon Production Investment Fund. Applies to fiscal years beginning on or after July 1, 2022. <i>Extends availability of income tax credit for rural medical providers to certain medical laboratory scientists and medical laboratory technicians. Applies to tax years beginning on or after January 1, 2022.</i>] For purposes of pass-through business alternative income tax, provides for add-back amounts to be treated as qualifying income and taxed at elective reduced rate, and directs Department of Revenue to require estimated payments. Provides for penalty relief if either pass-through entity or its members make sufficient estimated payments. Applies to tax years beginning on or after January 1, 2022, and before January 1, 2024, and to estimated payments due on and after June 15, 2022. Increases limit on Multistate Tax Commission Revolving Account. Lowers income threshold for occupants for property tax exemptions that county may adopt for newly constructed single-family dwelling. Exempts, from commercial activity subject to corporate activity tax, receipts of certain pharmacies from sale of prescription drugs. Applies to tax years beginning on or after January 1, 2022, and before January 1, 2026. Extends sunset for shared services distributions. <b>Allows taxpayer primarily doing business in agricultural sector to use three-year net operating loss carryback. Applies to tax years beginning on or after January 1, 2023, and before January 1, 2029, and to any tax year to which net operating loss arising in those tax years is carried back. Becomes operative only if all sections of chapter ___, Oregon Laws 2022 (Enrolled House Bill 4002), become law before January 1, 2023.</b> Requires Department of Revenue to waive penalty or interest due to underpayment or underreporting resulting from authorization of required estimated payments of pass-through business alternative income tax. Takes effect on 91st day following adjournment sine die.

• Senate, third reading23–2

  Passed · Feb 28 · 5 present

• House of Representatives, third reading57–1

  Passed · Mar 3 · 2 present

• Senate, concurrence22–3

  Agreed to the other chamber's changes · Mar 3 · 5 present

• Senate committee amendmentAdopted

  Adopted Feb 24

• House of Representatives committee amendmentAdopted

  Adopted Mar 2

l9n doesn't hold this bill's text yet.

In the Senate Feb 1 – Feb 28

1. Feb 1Introduced
2. Sent to Finance and Revenue
3. Feb 7Heard in Finance and Revenue
4. Feb 14Heard in Finance and Revenue
5. Feb 16Heard in Finance and Revenue
6. Feb 23Heard in Finance and Revenue
7. Feb 24Finance and Revenue recommended it as amended
8. Feb 25Read a second time
9. Feb 28Passed the Senate, 23 to 2

In the House of Representatives Feb 28 – Mar 3

1. Feb 28Arrived in the House of Representatives
2. Sent to Revenue
3. Mar 1Heard in Revenue
4. Mar 2Heard in Revenue
5. Revenue recommended it as amended
6. Read a second time
7. Mar 3Passed the House of Representatives, 57 to 1

Back in the Senate Mar 3 – Mar 8

1. Mar 3The Senate agreed to the House of Representatives's amendments and passed it again, 22 to 3
2. Mar 8Signed in the Senate

To the Governor Mar 8 – Apr 1

1. Mar 8Signed in the House of Representatives
2. Mar 24Signed by the Governor
3. Apr 1Became chapter 82 of Oregon Laws 2022
4. In force from June 3, 2022