2017 ORS 307.248¹
Suspense account
  • fiscal year allocation
  • proration of payments

(1) Amounts necessary to make the payments authorized by ORS 307.244 (Funded exemption) shall be transferred to a suspense account established under ORS 293.445 (Definition for ORS 293.445 to 293.460). Moneys in the suspense account are continuously appropriated to the Department of Revenue to carry out the purposes of ORS 307.241 (Policy) to 307.248 (Suspense account).

(2) Of the total amount transferred to the suspense account referred to in subsection (1) of this section for the biennium, the department shall allocate a portion to each fiscal year. The allocation shall be the department’s best estimate of the most efficient use of the moneys in the suspense account so as to minimize any reductions in the payments required under ORS 307.244 (Funded exemption) for each fiscal year.

(3) On or before November 1 of each fiscal year of each biennium, the department shall determine the amount of money needed to make the payments under ORS 307.244 (Funded exemption) for that fiscal year. If the sum of the obligations is greater than the amounts credited to the suspense account referred to in subsection (1) of this section and allocated to that fiscal year for those obligations under subsection (2) of this section, the payments required under ORS 307.244 (Funded exemption) shall be proportionally reduced so that the state does not accrue a debt in excess of the amount credited. A claim for payment may not accrue to a county under ORS 307.244 (Funded exemption) in excess of the amount determined under this subsection.

(4) If the amount allocated to the first fiscal year of a biennium under subsection (2) of this section exceeds the amount of actual payments made under ORS 307.244 (Funded exemption), the excess amount shall be available for payments under ORS 307.244 (Funded exemption) in the second fiscal year of the biennium. [Formerly 310.692]

(formerly 310.692)

Atty. Gen. Opinions

Subsequent revision by Rev. Dept. of prop­erty tax relief reduc­tion, (1981), Vol 42, p 84; Property tax relief as obliga­tion against state. (1981) Vol 42, p 84

Chapter 307

Atty. Gen. Opinions

Validity of ad valorem and severance taxa­tion of logs destined for export, (1975) Vol 37, p 427; applica­tion of Article XI, sec­tion 11b of Oregon Constitu­tion to this chapter, (1990) Vol 46, p 388

Law Review Cita­tions

5 EL 516 (1975)

1 Legislative Counsel Committee, CHAPTER 307—Property Subject to Taxation; Exemptions, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors307.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 307, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano307.­html (2017) (last ac­cessed Mar. 30, 2018).
 
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.