SB 533
Creates Oregon tax subtraction for interest received by financial institutions from loans made for purchase or improvement of agricultural real estate, rural residences and coastal fishing boats.
| Status | In Senate Committee (SFR) |
| Sponsors | Dick Anderson (Republican) (Chief) |
| Fiscal impact | May have fiscal impact, but no statement yet issued |
| Revenue impact | May have revenue impact, but no statement yet issued |
Bill Text
Creates a tax subtraction for financial institutions’ interest income from loans for purchasing or improving agricultural real estate and rural residences.
Sponsors#
Chief Sponsors: Dick Anderson
Overview#
Creates Oregon tax subtraction for interest received by financial institutions from loans made for purchase or improvement of agricultural real estate, rural residences and coastal fishing boats. Applies to tax years beginning on or after January 1, 2024, and before January 1, 2030. Exempts from commercial activity subject to corporate activity tax interest received by financial institutions from loans made for purchase or improvement of agricultural real estate, rural residences and coastal fishing boats. Applies to tax years beginning on or after January 1, 2024, and before January 1, 2030. Takes effect on 91st day following adjournment sine die.
Public Testimony
| Name | Organization | Position | Date |
|---|---|---|---|
| Maureen Barnhart | Portland | Oppose | 2023-01-24 |
| Bennett Minton | Tax Fairness Oregon | Oppose | 2023-01-25 |
Legislative History
| Date | Chamber | Action |
|---|---|---|
| 2023-01-09 | S | Introduction and first reading. Referred to President's desk. |
| 2023-01-14 | S | Referred to Finance and Revenue. |
| 2023-01-25 | S | Public Hearing held. |
| 2023-06-25 | S | In committee upon adjournment. |