Finance and Revenue

] Allows net local transient lodging tax revenue to be used for resiliency grants for small businesses in the restaurant and lodging industry. Allows city and county services for which net local transient lodging tax revenue may be used to be provided either directly by the city or county or indirectly by a special district. Changes the division of allowable uses of net local transient lodging tax revenue from at least 70 percent for tourism-related expenses and no more than 30 percent for city or county services, to at least [ 40 ] 50 percent and no more than [ 60 ] 50 percent, respectively. Allows units of local government with restricted grandfathered local transient lodging tax regimes to take advantage of the new provisions of the Act. Establishes biennial reporting by local governments of amounts and uses of local transient lodging tax revenue , the reported information to be aggregated by the Legislative Revenue Officer and submitted to the Legislative Assembly . Directs the Legislative Revenue Officer to conduct a study of the percentage requirements for allowable uses of local transient lodging tax revenue as amended by the Act and to submit the findings to the Legislative Assembly. Takes effect on the 91st day following adjournment sine die.

Increases the state transient lodging tax. Changes the name of the Oregon Conservation Strategy Subaccount to the Recovering Oregon's Wildlife Fund Subaccount. Specifies how moneys attributable to the increase are to be distributed. Applies the transient lodging tax increase to transient lodging charges occurring on or after January 1, 2027. Takes effect on the 91st day following adjournment sine die.

Provides that additional taxes otherwise imposed upon disqualification of land from certain forestland special assessment programs may not be collected if the disqualification is due to the suspension of reforestation requirements as a result of insects or disease. Authorizes the Water Resources Department to grant time extensions for specified water right permit holders to complete construction and apply water beneficially. Modifies requirement that the department's director or principal assistant be a registered engineer. Modifies provision specifying when a proposed order of the department becomes final. Directs the department to facilitate certain water users' enrollment in a federal conservation program. Takes effect on the 91st day following adjournment sine die.

Creates a corporate excise tax credit for each of the first three years that a bank does business in this state. Applies only to Oregon-chartered banks that commence business in tax years beginning on or after January 1, 2027, and before January 1, 2033. Takes effect on the 91st day following adjournment sine die.

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. 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.