Signed by Governor Tina Kotek

Vote Smart's Synopsis:

Vote to pass a bill that authorizes the creation of a grant and loan program for business's needing financial assistance under the CHIPS act of 2022.

Highlights:

• Authorizes the Oregon Business Development Department to Develop a Grant and Loan Program to Support Businesses Applying for Financial Assistance (Sec. 1).  

• Establishes that the programs grant and loan proceeds may only be used for the following (Sec. 1):

• Authorizes the Oregon Business Development Department to Develop a Grant and Loan Program to Support Businesses Applying for Financial Assistance;and 

• Research and development with respect to semiconductors or advanced manufacturing;

• Partnering with institutions of universities, including, but not limited to, historically Black colleges and universities, career technical training institutions, regional collaborative groups, local workforce development boards as defined in, programs funded through the federal workforce Innovation and Opportunity Act; and

• Payment for contractors and subcontractors for projects concerning these industries 

• Establishes that the governor may grant a program grant or loan under section 3 of this 2023 Act in an amount greater than $50 million only after having given the Legislative Assembly at least 30 calendar days’ notice of the amount of the program grant or loan the Governor intends to approve (Sec. 1). 

• Authorizes the creation of a board to govern the state grant and loan program for the purposes of advising the governor on the semiconductor industry 

• Authorizes the Oregon Business Development Department to construct a loan and grant application process which includes forms and deadlines (Sec. 2). 

• Authorizes the governor and the Oregon Business Development Department to review complete applications (Sec. 3).

• Requires receivers of grants and loans to report back on the progres of their works, status of their research, and other status updates (Sec. 4).

• Requires a company to repay a loan given by the program in full immediately if they have notbegun before 2027, the project has changed substantially from original proposal, the business has not compiled with labor or environmental standards, the business has not added full time employees, or the business has not generated any revenue (Sec. 5).

• Requires that if repayment is request it shall be a percentage of project that had been completed before suspension 

• Establishes the Oregon CHIPS fund (Sec. 6). 

• Appropriates funds for the Oregon business development department and for the CHIPS fund (Sec. 8).

• Authorizes The Oregon Business Development Department to provide financial assistance to a project sponsor, for the costs expended for an industrial land development project, from cash in the Industrial Lands Loan Fund (Sec. 15).

• Authorizes The Oregon Business Development Department may provide financial assistance to a project sponsor, for costs expended for an industrial land development project, from cash in the Industrial Lands Loan Fund (Sec. 16).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that authorizes the creation of a grant and loan program for business's needing financial assistance under the CHIPS act of 2022.

Highlights:

• Authorizes the Oregon Business Development Department to Develop a Grant and Loan Program to Support Businesses Applying for Financial Assistance (Sec. 1).  

• Establishes that the programs grant and loan proceeds may only be used for the following (Sec. 1):

• Authorizes the Oregon Business Development Department to Develop a Grant and Loan Program to Support Businesses Applying for Financial Assistance;and 

• Research and development with respect to semiconductors or advanced manufacturing;

• Partnering with institutions of universities, including, but not limited to, historically Black colleges and universities, career technical training institutions, regional collaborative groups, local workforce development boards as defined in, programs funded through the federal workforce Innovation and Opportunity Act; and

• Payment for contractors and subcontractors for projects concerning these industries 

• Establishes that the governor may grant a program grant or loan under section 3 of this 2023 Act in an amount greater than $50 million only after having given the Legislative Assembly at least 30 calendar days’ notice of the amount of the program grant or loan the Governor intends to approve (Sec. 1). 

• Authorizes the creation of a board to govern the state grant and loan program for the purposes of advising the governor on the semiconductor industry 

• Authorizes the Oregon Business Development Department to construct a loan and grant application process which includes forms and deadlines (Sec. 2). 

• Authorizes the governor and the Oregon Business Development Department to review complete applications (Sec. 3).

• Requires receivers of grants and loans to report back on the progres of their works, status of their research, and other status updates (Sec. 4).

• Requires a company to repay a loan given by the program in full immediately if they have notbegun before 2027, the project has changed substantially from original proposal, the business has not compiled with labor or environmental standards, the business has not added full time employees, or the business has not generated any revenue (Sec. 5).

• Requires that if repayment is request it shall be a percentage of project that had been completed before suspension 

• Establishes the Oregon CHIPS fund (Sec. 6). 

• Appropriates funds for the Oregon business development department and for the CHIPS fund (Sec. 8).

• Authorizes The Oregon Business Development Department to provide financial assistance to a project sponsor, for the costs expended for an industrial land development project, from cash in the Industrial Lands Loan Fund (Sec. 15).

• Authorizes The Oregon Business Development Department may provide financial assistance to a project sponsor, for costs expended for an industrial land development project, from cash in the Industrial Lands Loan Fund (Sec. 16).

Full Bill Text