Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 91 - OREGON BUSINESS RETENTION AND EXPANSION PROGRAM
Section 123-091-0020 - Approval and Amount of OBEP Fund Loan
Universal Citation: OR Admin Rules 123-091-0020
Current through Register Vol. 63, No. 9, September 1, 2024
(1) The Director, or his designee, in his sole discretion, shall determine whether to approve a loan to a Business from the OBEP Fund and the amount of the loan.
(2) A loan from the OBEP Fund shall not exceed the lesser of:
(a)
(A) The amount of estimated Oregon personal
income taxes to be paid in the two calendar years following the year of OBEP
loan approval by Eligible Employees, using the result of the following
formula:
(B) Average wage of all
Eligible Employees multiplied by the applicable Tax as a Percent of Taxable
Income from Table B: Average Income and Tax (Dollars) in the Oregon Department
of Revenue's most recently published Oregon Personal Income Tax Statistics, All
Returns and Full-Year Resident Returns (by AGI) multiplied by 2.
(b) The amount currently available
in the OBEP Fund.
Stat. Auth.: ORS 285A.075, 285 B & OL Ch. 549, Sec. 1-8 & 10-11
Stats. Implemented: ORS 285 B, OL Ch. 549, Sec. 1-8 & 10-11
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