Or. Admin. Code § 340-180-0110

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

Section 340-180-0110 - Tax Credit Certificate

(1) In accordance with this part, the Department shall issue a tax credit certificate to an applicant who has filed a complete application.

(2) Funds collected and deposited into the Underground Storage Tank Compliance and Corrective Action Fund may be used to pay this Oregon income tax credit. The Department will pay to the Oregon Department of Revenue, no less than once each quarter year, all valid income tax credits claimed for interest rate reimbursement by the commercial lending institutions against Underground Storage Tank Tax Credit Certificates.

(3) Tax credit certificates shall be issued on a first come first serve basis. The application with the earliest filing date shall receive a tax credit certificate first.

(4) The applicant may not assign any right, title, and interest in the tax credit certificate to any person other than a subsequent property owner, tank owner or permittee of the underground storage tank facility.

(5) Tax credit certificates shall be valid for 180 days or the termination date shown on the tax credit certificate.

Or. Admin. Code § 340-180-0110

DEQ 25-1989(Temp), f. & cert. ef. 10-26-89; DEQ 13-1990, f. & cert. ef. 3-13-90

Stat. Auth.: ORS 466.706 -ORS 466.995

Stats. Implemented: OL 1989, Ch. 1071