Minimum cost of qualified property
- • leased property
- • hotel, motel or destination resort property
- • electronic commerce property
(1) In order for property to be qualified property under ORS 285C.180 (Qualified property generally), the property must cost:
(a) $50,000 or more, in the case of:
(A) All real property that is concurrently exempt at the location; or
(B) An item of personal property that is not described in paragraph (b) of this subsection.
(b) $1,000 or more, in the case of an item of personal property that is used:
(A) Exclusively in the production of tangible goods; or
(B) In electronic commerce in an enterprise zone approved for electronic commerce designation under ORS 285C.095 (Designation for electronic commerce).
(2) The estimated cost of property set forth in an application for authorization under ORS 285C.140 (Application for authorization) shall be disregarded for purposes of determining if property is qualified property.
(3) Property that is leased by the authorized business firm may be qualified property under ORS 285C.180 (Qualified property generally) only if the terms of the lease provide:
(a) During the term of the lease, that the authorized business firm is to compensate the owner of the leased property for all property taxes assessed against the leased property or that the firm is to pay these taxes; and
(b) That the term of the lease begins on or before the start of the first tax year for which the property is exempt and ends on or after the last day of the last tax year for which the property is exempt.
(4) In order for property that is owned or leased by an authorized business firm operating a hotel, motel or destination resort to be qualified property under ORS 285C.180 (Qualified property generally), the property must be:
(a) Located and in service in an enterprise zone of a sponsor or in the jurisdiction of a restricted city or county cosponsor that has elected under ORS 285C.070 (Election to permit hotels, motels or destination resorts as eligible business firms) to treat a business firm engaged in hotel, motel or destination resort operations as an eligible business firm;
(b) Located at the same site as the hotel, motel or destination resort or in close proximity to that site; and
(c) Used primarily to serve overnight guests of the hotel, motel or destination resort. Property is used primarily to serve overnight guests if at least 50 percent of any receipts from use of the property are paid by overnight guests.
(5) In order for property owned or leased and operated by a business firm engaged in electronic commerce in a city designated for electronic commerce under ORS 285C.100 (Alternative designation of city for electronic commerce) to be qualified property, the property otherwise qualified under this section and the applicable electronic commerce operations of the firm must be located in that city.
(6)(a) As used in this section, “item of personal property” includes an integrated system consisting of various components.
(b) Consistent with paragraph (a) of this subsection, the Department of Revenue may by rule further define what constitutes an item of personal property for purposes of this section. [2003 c.662 §37; 2017 c.83 §4]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.