Or. Admin. Code § 813-300-0150

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

Section 813-300-0150 - Tax Credit Contributor

(1) Contributions to the Oregon IDA Initiative approved by the Department or its designee may qualify for an Oregon IDA tax credit.

(2) The percentage of tax credit to be awarded to taxpayers is determined by the Department following consideration of a recommendation by the Department's designee and input from the fiduciary organization if appliable. In making such a determination, the Department or its designee may consider any factors that it deems appropriate, including but not limited to:

(a) The availability of the Oregon IDA Tax Credit; and

(b) The nature and value of the contribution.

(3) The percentage of allowable credit will be determined in advance of accepting contributions.

(4) The maximum percentage of tax credit allowable to a single taxpayer within a particular year is 90%.

(5) The maximum tax credit allowable to a single taxpayer within a particular year is $500,000.

(6) Contributions from contributors not utilizing an Oregon IDA tax credit may be eligible for a charitable deduction against taxable income.

(7) The Department and its designee make no representation on whether or not specific contributions qualify for an Oregon IDA tax credit. In all cases, contributors are encouraged to seek professional advice to determine the actual tax ramifications of their contribution.

Or. Admin. Code § 813-300-0150

OHCS 12-2002(Temp), f. & cert. ef. 10-8-02 thru 4-5-03; OHCS 1-2003, f. & cert. ef. 4-4-03; OHCS 18-2015(Temp), f. & cert. ef. 10-5-15 thru 4-1-16; OHCS 2-2016, f. & cert. ef. 3/25/2016; OHCS 3-2016(Temp), f. & cert. ef. 4-20-16 thru 10-14-16; OHCS 11-2016, f. & cert. ef. 10/13/2016; OHCS 7-2018, amend filed 05/30/2018, effective 05/30/2018; OHCS 1-2020, amend filed 01/24/2020, effective 1/24/2020; OHCS 4-2024, amend filed 04/03/2024, effective 4/3/2024

Statutory/Other Authority: ORS 456.555, ORS 456.625 & ORS 458.700

Statutes/Other Implemented: ORS 315.271 & ORS 458.670 - 458.700