| Section |
Old law |
New law
|
1
|
Definitions. |
Adds definitions for "median RMV," "net worth," and "transferee." |
2
|
No net worth test.
Only initial year was based on household income and FAGI for subsequent years.
No criteria for re-entry into the program for previously cancelled or outstanding debts.
|
Adds a "net worth" test of $500,000; changes the income test from FAGI
to total household income for all years; and makes anyone who has been
in the program but whose debt was cancelled or delinquent ineligible. |
3
|
No residency requirement.
No insurance requirement.
No home value limit.
|
Requires applicants to live in their home for at least five years.
Requires applicant to have homeowner's insurance.
Establishes an RMV threshold.
|
4
|
No cap on number of program participants.
|
Sets a cap on number of new applicants at 2011 level + 5 percent. Creates a sorting formula in case the limit is exceeded.
|
5
|
Interest on deferred taxes is 6 percent simple.
|
Interest on deferred taxes is 6 percent compound for any taxes paid after effective date of the bill.
|
6
|
|
Limits DOR payment to counties subject to available funds.
|
7
|
Allowed foreclosure attorney fees; set lien limit at 90 percent on disabled deferral accounts.
|
Allows attorney fees and costs.
Removes the 90-percent limit of DOR lien on disabled deferral accounts.
|
8
|
Set conditions when repayment begins.
|
Housekeeping edits only, no change.
|
9
|
Upon a finding of ineligibility, DOR could remove participant only up to July 1.
|
Ineligible participants can be removed until September 1 before November tax payment.
|
10
|
Spouse qualification.
|
Housekeeping edits only, no change.
|
11
|
Allowed DOR to partially pay taxes for individuals slightly above income threshold.
Once in the program no subsequent application required.
|
Partial payment provisions removed.
Participants must re-apply every two years.
|
12
|
Discussed DOR lien.
|
Housekeeping edits only, no change.
|
13
|
Delay of foreclosure.
|
Housekeeping edits only, no change.
|
14
|
Allowed a delay of collection for up to five years for heirs living in the home.
No personal debt collection.
|
Eliminates the delay in collection for heirs.
Allows DOR to pursue collection under personal debt against transferees.
|
15
|
DOR could offset IRS refunds for "state tax obligations."
|
DOR can offset IRS refunds for "amounts payable by a transferee."
See also HB 2550, (2011).
|
16
|
Mortgages discussion.
|
Prohibits participants from having a reverse mortgage.
|
17
|
Set transfer criteria from deferral account to Oregon Project Independence.
|
Eliminates the transfer language.
|
18
|
Set transfer criteria from deferral account to Oregon Project Independence.
|
Eliminates the transfer language.
|
19
|
Outlined special assessment deferral program.
|
Eliminates special assessment deferral program.
|
20
|
|
Housekeeping edits only, no change.
|
21
|
|
Housekeeping edits only, no change.
|
22
|
No personal debt collection.
|
Allows DOR to pursue collection under personal debt against transferees.
|
23
|
|
Housekeeping edits only, no change.
|
24
|
|
Changes to sections 1-4, 6-18, and 20-22 applicable to tax years beginning July 1, 2011.
Compound interest in section 5 applicable to taxes advanced on or after July 1, 2011.
Program sunsets after the 2021-22 tax year.
|
25
|
|
Conforming edits only, no change.
|
26
|
|
Conforming edits only, no change.
|
27
|
|
Conforming edits only, no change.
|
28
|
|
Conforming edits only, no change.
|
| 29 |
|
Conforming edits only, no change.
|
30
|
|
Conforming edits only, no change.
|
31
|
|
Conforming edits only, no change.
|
32
|
|
Effective date of the bill is September 28, 2011.
|