Or. Admin. Code § 123-650-9700

Current through Register Vol. 63, No. 10, October 1, 2024

Section 123-650-9700 - Timely Completion of Investments

For purposes of a proposed investment in qualified property or a facility by a business firm authorized or certified in a terminated enterprise zone:

(1) As used in ORS 285C.245:

(a) "... within a reasonable time ..." means that property or a facility is in service no later than 18 months after the date on which relevant construction, reconstruction, additions, modifications or installations commenced.

(b) "... without interruption ..." means that property or a facility does not remain in an unfinished state for more than six months without significant construction, reconstruction, addition, modification or installation activity and progress toward completion of such activities in fulfillment of subsection (a) of this section.

(2) The property may not qualify and receive the exemption under ORS 285C.175 or 285C.409(1)(c) if section (1) of this rule is violated, except in the event that the Department issues a finding to the county assessor that the delay is reasonable and not excessive, given the nature and extent of the investment or of inadvertent circumstances.

(3) Nothing in this rule shall influence or restrict an exemption on property in an enterprise zone that still exists and has not terminated.

Or. Admin. Code § 123-650-9700

OBDD 14-2024, adopt filed 06/10/2024, effective 6/10/2024

Statutory/Other Authority: ORS 285C.075 & 285C.060(1)

Statutes/Other Implemented: ORS 285C.175, 285C.245 & 285C.409