Or. Admin. Code § 340-017-0035

Current through Register Vol. 63, No. 10, October 1, 2024

Section 340-017-0035 - Amount of Tax Credits Available

(1) For purposes of monitoring the Department's tax credit limit, the Department will consider the sum of the preliminary certifications issued in each calendar year. When preliminary certification is waived under OAR 340-001-0020, the year of final certification will be used:

(a) A preliminary certificate which is granted and then canceled within the same calendar year shall not be counted as part of the $1.5 million annual certification limit after it has been canceled;

(b) When a final certification is granted during the same year as a preliminary certification the lessor value of the two shall be used.

(2) Not more than $1.5 million in investment costs will be issued preliminary certification in any calendar year. In each calendar year, a minimum of $500,000 of the $1.5 million will be reserved for investments costing $100,000 or less.

(3) The maximum cost certified for each investment shall not exceed $500,000 except as permitted by section (5) of this rule.

(4) If the applications exceed the $1,500,000 limit, the Commission shall prioritize investments, based on the date of preliminary certification. Those applications received and determined by the Department to be complete first will receive first priority for certification. The total amount for which the investment is eligible shall be certified so long as there are adequate funds to do so.

(5) If the applications certified in any calendar year do not total $1,000,000, the Commission may increase the certified costs above the $500,000 maximum for previously certified investments. The increases shall be allocated based upon the method of prioritization used in section (4) of this rule. The increased allocation to previously certified investments under this section shall not include any of the $500,000 reserved under section (2) of this rule.

(6) When considering the percentage of costs properly allocable to the investment costs incurred to allow a person to collect, transport or process reclaimed plastic or to manufacture a reclaimed plastic product, the following steps will be used:

(a) Determine the claimed investment costs;

(b) Determine the salvage value, if any, of the equipment which is being taken out of service;

(c) Determine the net investment cost;

(d) Determine the estimated percentage of time the equipment, machinery, or personal property will be utilized to collect, transport or process reclaimed plastic or manufacture a reclaimed plastic product, based on projections for the first year of operation;

(e) Determine the total allocable cost multiplying the net investment cost by the percentage of time the equipment, machinery or personal property will be utilized to collect, transport or process reclaimed plastic or manufacture a reclaimed plastic product.

Or. Admin. Code § 340-017-0035

DEQ 4-1986, f. & ef. 2-12-86; DEQ 29-1989(Temp), f. & cert. ef. 12-14-89; DEQ 7-1990, f. & cert. ef. 3-13-90; DEQ 6-1998, f. 4-24-98, cert. ef. 5-1-98

Stat. Auth.:ORS 468.150

Stats. Implemented:ORS 468.150 -ORS 468.190