Or. Admin. Code § 123-674-6610

Current through Register Vol. 63, No. 11, November 1, 2024

Section 123-674-6610 - Payment of Tax Savings

For purposes of the payment by a qualified business firm described in OAR 123-674-6600(5):

(1) The firm shall pay to the sponsor of the enterprise zone an amount equal to the additional taxes due, as the county assessor computed under ORS 285C.175(7), on all of the qualified property receiving the exemption.

(2) The sponsor of the enterprise zone is responsible for enabling the firm to make the payment, by doing the following in a timely manner:

(a) Issuing an invoice for such payment to the firm (as necessary);

(b) Receiving such moneys; and

(c) Issuing a receipt or equivalent evidence of the amount paid by the firm.

(3) In collecting, invoicing, holding or spending any money paid by the firm, the zone sponsor shall establish the necessary accounts, special funds, procedures or documentation in accordance with ORS chapter 294 and applicable local laws.

(4) If the county assessor does not receive proof that sufficient and timely payment has been made by the firm, the assessor shall disqualify the exemption or exemptions covered by the requirement consistent with OAR 123-674-6400(3)(b).

(5) If the assessor later disqualifies the firm respective to the same exemption, the assessor shall reduce the back taxes by any amount previously paid in accordance with this rule.

Or. Admin. Code § 123-674-6610

OBDD 27-2010, f. & cert. ef. 6-14-10

Stat. Auth.: ORS 285A.075 & 285C.060(1)

Stats. Implemented: ORS 285C.240