Certain individual development account withdrawals
(1) An individual taxpayer shall be allowed a credit against the taxes that are otherwise due under ORS chapter 316 if, during the tax year:
(a) The taxpayer purchased a primary residence;
(b) All or a part of the usual and reasonable settlement, financing or other closing costs for the purchase were funded from a withdrawal from an individual development account in which the taxpayer is the account holder; and
(c) An approved purpose of the account is the purpose described in ORS 458.685 (Approved purpose of account) (1)(d).
(2) The amount of the tax credit shall be the lesser of:
(a) The amount of the withdrawal from the individual development account that is for the purpose described in ORS 458.685 (Approved purpose of account) (1)(d);
(b) The amount of usual and reasonable settlement, financing and other closing costs incurred in the purchase of the primary residence;
(c) $2,000; or
(d) The tax liability of the taxpayer.
(3) A tax credit allowed under this section that is unused may not be carried forward to a succeeding tax year.
(4) A tax credit under this section may be claimed by a nonresident or a part-year resident without proration.
(5) The definitions in ORS 458.670 (Definitions for ORS 458.670 to 458.700) apply to this section. [2005 c.575 §2]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information