Or. Admin. Code § 340-017-0055

Current through Register Vol. 63, No. 12, December 1, 2024

Section 340-017-0055 - Taxpayers Receiving Tax Credit

(1) A person receiving a certificate under this Division may take tax relief only under ORS 315.324, depending upon the tax status of the person's trade or business.

(2) If the person receiving the certificate is an electing small business corporation as defined in section 1361 of the Federal Internal Revenue Code, each shareholder shall be entitled to take tax credit relief as provided in ORS 315.324, based on that shareholder's pro rata share of the certified cost of the investment.

(3) If the person receiving the certificate is a partnership, each partner shall be entitled to take tax credit relief as provided in ORS 315.324, based on that partner's pro rata share of the certified cost of the investment.

(4) Upon any sale, exchange or other disposition of equipment, personal property or machinery written notice must be provided to the Department of Environmental Quality by the company, corporation or individual for whom the tax credit certificate has been issued. Upon request, the taxpayer shall provide a copy of the contract or other evidence of disposition of the property to the Department of Environmental Quality.

(5) The company, corporation or individual claiming the tax credit for leased equipment, personal property, or machinery must provide a copy of a written agreement between the lessor and lessee designating the party to receive the tax credit and a copy of the complete and current lease agreement for the facility.

(6) The taxpayer claiming the tax credit for the equipment, personal property, or machinery with more than one owner shall provide a copy of a written agreement between the owners designating the party or parties to receive the tax credit certificate.

Or. Admin. Code § 340-017-0055

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 13-2019, amend filed 05/16/2019, effective 5/16/2019

ORS 468.955(3) refers in error to ORS 316.097 and 317.116, which relate to Pollution Control Tax Credits, rather than Plastics Recycling Tax Credits. OAR 340-17-040(3) refers instead to claiming Plastics Recycling Tax Credit under ORS 316.103 and 317.106, consistent with legislative intent.

Statutory/Other Authority: ORS 468.150

Statutes/Other Implemented: ORS 468.150 - 468.190