Or. Admin. Code § 123-674-4800 - Sale or Leasing of Exempt Property

For purposes of ORS 285C.175(2)(b), a qualified business firm may sell or lease qualified property, and the exemption that is about to begin or is ongoing may continue for the remainder of its normal period. This rule depends on all of the following, otherwise the exemption is subject to denial or to disqualification for an event under ORS 285C.240(1)(a) or (e) with repayment of back taxes, as applicable:

(1) The qualified property was located at the site identified in the Application (as potentially amended) when it first qualified, and it continues to be eligibly used inside the enterprise zone.

(2) The purchaser or lessee is an eligible business firm.

(3) Requirements in OAR 123-674-4000 to 123-674-4600 are effectively satisfied, including that the combined Annual Employment of the purchaser/lessee and of the originally qualified business firm equal or exceed the sum of:

(a) The minimum Annual Employment required of the firm in OAR 123-674-4600(1)(a); and

(b) The annual average employment of the purchaser/lessee in the zone immediately prior to the change in ownership/lease.

(4) That the purchaser/lessee and the qualified property comply with all other applicable requirements.

Notes

Or. Admin. Code § 123-674-4800

OBDD 27-2010, f. & cert. ef. 6-14-10; OBDD 14-2016, f. & cert. ef. 9/16/2016; OBDD 7-2017, amend filed 11/29/2017, effective 11/29/2017; OBDD 8-2020, amend filed 08/12/2020, effective 8/12/2020

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

Statutes/Other Implemented: ORS 285C.050, 285C.175, 285C.210 & 285C.240