OR SB1586

Expands the semiconductor research tax credit to include qualified biotechnology companies and alternative energy production companies, extends the program through January 1, 2036, and doubles the biennial credit caps ($160 million for 2025-2027, $180 million for 2027-2029, $100 million for 2029-2030)

Extends enterprise zone property tax exemptions from 5 to 10 years maximum (3 base years plus up to 7 additional years) and makes school support fee payments optional for affected school districts

Requires six state agencies (DEQ, Agriculture, Consumer and Business Services, Transportation, Water Resources, and Energy) to establish and publish permit processing deadlines, refund application fees when deadlines are missed, and publish a comprehensive permit catalog within 60 days

Authorizes cities and counties to grant up to 5-year property tax exemptions for new or modernized machinery and equipment used by advanced manufacturing businesses

Adds rural reserve land in Washington County (Area 8A) to the Metro urban growth boundary for high-technology and advanced manufacturing use, requiring Washington County and Hillsboro to amend comprehensive plans within six months