(1)(a) The sponsor of an enterprise zone may suspend the obligation of a qualified business firm to meet the employment requirements of ORS § 285C.200 for a period not to exceed two consecutive years if:

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(A) For two or more consecutive calendar quarters in the previous 12 months, as defined by the most recently available data published or officially provided and verified by the United States Government or the Employment Department:

(i) There has been a decline statewide in seasonally adjusted nonfarm payroll employment; and

(ii) The unemployment rate of the county in which the qualified property of the firm is located has been at least two percentage points greater than the comparable unemployment rate for this state; and

(B) The qualified business firm has completed an investment in qualified property of at least:

(i) $4 million if the qualified property is in a rural enterprise zone; or

(ii) $8 million if the qualified property is in an urban enterprise zone.

(b) At the time a period of suspension is granted, the sponsor must specify a minimum number of employees greater than zero that the qualified business firm is required to employ during the period of suspension.

(2)(a) The granting of a period of suspension under subsection (1) of this section does not affect an eligible business firm’s status as an authorized business firm under ORS § 285C.140.

(b) During the period of suspension:

(A) The qualified business firm is not exempt from taxation under ORS § 285C.175; and

(B) Notwithstanding subparagraph (A) of this paragraph, the qualified business firm must file an exemption claim as required under ORS § 285C.220 and 285C.225.

(c) The period of suspension does not count toward the total period of time for which exemption from taxation is allowed under ORS § 285C.175.

(d)(A) After the period of suspension has ended, the qualified business firm is eligible to resume exemption from taxation for the period of time remaining under ORS § 285C.175.

(B) To resume exemption under subparagraph (A) of this paragraph, the qualified business firm must satisfy the requirements of ORS § 285C.200 for the remaining period of exemption, including, but not limited to, any reduced employment level pursuant to subsection (4) of this section, which must also be met on or before April 1 preceding the first tax year after the period of suspension if the qualified business firm received at least one year of exemption under ORS § 285C.175 before the period of suspension began.

(3)(a) The sponsor’s actions under subsection (1) of this section are not effective unless set forth in a resolution adopted by the governing body of the sponsor no later than the earlier of:

(A) Sixty days after the date on which the sponsor notifies the qualified business firm that the sponsor intends to act pursuant to subsection (1) of this section; or

(B) August 31 of the first year of suspension.

(b) A resolution adopted under this subsection may be revoked or amended by the sponsor at any time during the period of suspension.

(4) A resolution adopted under subsection (3) of this section may reduce the employment level required under ORS § 285C.200 (1)(c) after the period of suspension.

(5) A sponsor shall promptly provide to the county assessor:

(a) A copy of a resolution adopted under subsection (3)(a) of this section;

(b) A copy of a resolution as amended under subsection (3)(b) of this section; and

(c) Notice that a resolution has been revoked under subsection (3)(b) of this section. [2010 c.39 § 2; 2017 c.83 § 6]