Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 650 - ENTERPRISE ZONE CREATION AND AMENDMENT
Section 123-650-9700 - Timely Completion of Investments

Universal Citation: OR Admin Rules 123-650-9700

Current through Register Vol. 63, No. 9, September 1, 2024

For purposes of a proposed investment in qualified property or a facility by a business firm authorized or certified in a terminated enterprise zone:

(1) As used in ORS 285C.245:

(a) "... within a reasonable time ..." means that property or a facility is in service no later than 18 months after the date on which relevant construction, reconstruction, additions, modifications or installations commenced.

(b) "... without interruption ..." means that property or a facility does not remain in an unfinished state for more than six months without significant construction, reconstruction, addition, modification or installation activity and progress toward completion of such activities in fulfillment of subsection (a) of this section.

(2) The property may not qualify and receive the exemption under ORS 285C.175 or 285C.409(1)(c) if section (1) of this rule is violated, except in the event that the Department issues a finding to the county assessor that the delay is reasonable and not excessive, given the nature and extent of the investment or of inadvertent circumstances.

(3) Nothing in this rule shall influence or restrict an exemption on property in an enterprise zone that still exists and has not terminated.

Statutory/Other Authority: ORS 285C.075 & 285C.060(1)

Statutes/Other Implemented: ORS 285C.175, 285C.245 & 285C.409

Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.