ORS 315.272¹
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 least 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; 2017 c.315 §21]

Note: Section 49, chapter 913, Oregon Laws 2009, provides:

Sec. 49. A credit may not be claimed under ORS 315.272 (Certain individual development account withdrawals) for tax years beginning on or after January 1, 2016. [2009 c.913 §49]

Chapter 315

Notes of Decisions

State could not recalculate tax for tax year closed to review in order to prevent elective carry forward of tax credit to tax year subject to review. Smurfit Newsprint Corp. v. Dept. of Revenue, 329 Or 591, 997 P2d 185 (2000)

1 Legislative Counsel Committee, CHAPTER 315—Personal and Corporate Income or Excise Tax Credits, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors315.­html (2019) (last ac­cessed May 16, 2020).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2019, Chapter 315, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano315.­html (2019) (last ac­cessed May 16, 2020).
 
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