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The Oregon Legislature appears likely to pass a bill that would direct $153 million toward encouraging seismic upgrades.

would allow local governments to establish tax exemption programs for property owners to seismically retrofit their multifamily, commercial and industrial buildings. Local leaders would be required to set by ordinance the percentage of exemption to be applied.

The bill would allow cities and counties further leeway, allowing them to choose whether to apply the incentives to the community’s most vulnerable structures.

The Senate passed SB 311, 29-0, on April 18.

Under the bill, now in committee in the House of Representatives, only owners of structures built before 1993 would be eligible to apply for a tax break.

Owners would be required to submit a retrofit plan stamped by a licensed architect or a structural engineer. Exemptions would apply only to the actual value of the improvements, not the land, and for up to 15 years.

Examples of seismic alterations to property include roof-to-wall anchoring, continuity ties, column fiber wrapping, steel bracing and shear walls.

Portland has more than 1,700 structures made of unreinforced masonry, an outdated construction method considered highly susceptible to damage or collapse in an earthquake. The city is developing a tiered system to mandate owners to upgrade on a timeline, starting with the most critical needs first.