ORS 315.514
Film production development contributions

  • auction of tax credits
  • rules

(1)

A credit against the taxes that are otherwise due under ORS chapter 316 or, if the taxpayer is a corporation, under ORS chapter 317 or 318, is allowed to a taxpayer for certified film production development contributions made by the taxpayer to the Oregon Production Investment Fund established under ORS 284.367 (Oregon Production Investment Fund).

(2)

Intentionally left blank —Ed.

(a)

The Department of Revenue shall, in cooperation with the Oregon Film and Video Office, conduct an auction of tax credits under this section. The auction may be conducted no later than April 15 following December 31 of any tax year for which the credit is allowed. The department may conduct the auction in the manner that it determines is best suited to maximize the return to the state on the sale of tax credit certifications and shall announce a reserve bid prior to conducting the auction. The reserve amount shall be at least 90 percent of the total amount of the tax credit. Moneys necessary to reimburse the department for the actual costs incurred by the department in administering an auction, not to exceed 0.25 percent of auction proceeds, are continuously appropriated to the department. The department shall deposit net receipts from the auction required under this section in the Oregon Production Investment Fund.

(b)

The Oregon Film and Video Office shall adopt rules in order to achieve the following goals:

(A)

Subject to paragraph (a) of this subsection, generate contributions for which tax credits of $20 million are certified for each fiscal year;

(B)

Maximize income and excise tax revenues that are retained by the State of Oregon for state operations; and

(C)

Provide the necessary financial incentives for taxpayers to make contributions, taking into consideration the impact of granting a credit upon a taxpayer’s federal income tax liability.

(3)

Contributions made under this section shall be deposited in the Oregon Production Investment Fund.

(4)

Intentionally left blank —Ed.

(a)

Upon receipt of a contribution, the Oregon Film and Video Office shall, except as provided in ORS 315.516 (Funding in lieu of tax credit certification), issue to the taxpayer written certification of the amount certified for tax credit under this section to the extent the amount certified for tax credit, when added to all amounts previously certified for tax credit under this section, does not exceed $20 million for the fiscal year in which certification is made.

(b)

The Oregon Film and Video Office may issue a certification for a credit under this section, and a credit may be allowed, for the tax year in which a contribution is made, or for the tax year immediately preceding the tax year in which a contribution is made and for auctions conducted no later than April 15 following December 31 of any tax year for which the credit is allowed, if no return has yet been filed for the preceding tax year.

(c)

The Oregon Film and Video Office and the department are not liable, and a refund of a contributed amount need not be made, if a taxpayer who has received tax credit certification is unable to use all or a portion of the tax credit to offset the tax liability of the taxpayer.

(5)

To the extent the Oregon Film and Video Office does not certify contributed amounts as eligible for a tax credit under this section, the taxpayer may request a refund of the amount the taxpayer contributed, and the office shall refund that amount.

(6)

Intentionally left blank —Ed.

(a)

Except as provided in paragraph (b) of this subsection, a tax credit claimed under this section may not exceed the tax liability of the taxpayer and may not be carried over to another tax year.

(b)

Any tax credit otherwise allowable under this section that is not used by the taxpayer in a particular tax year may be carried forward and offset against the taxpayer’s tax liability for the next succeeding tax year. Any credit remaining unused in the next succeeding tax year may be carried forward and used in the second succeeding tax year, and likewise, any credit not used in that second succeeding tax year may be carried forward and used in the third succeeding tax year but may not be carried forward for any tax year thereafter.

(c)

A taxpayer is not eligible for a tax credit under this section if the first tax year for which the credit would otherwise be allowed begins on or after January 1, 2030.

(7)

If a tax credit is claimed under this section by a nonresident or part-year resident taxpayer, the amount shall be allowed without proration under ORS 316.117 (Proration between Oregon income and other income for nonresidents, part-year residents and trusts).

(8)

If the amount of contribution for which a tax credit certification is made is allowed as a deduction for federal tax purposes, the amount of the contribution shall be added to federal taxable income for Oregon tax purposes. [2003 c.736 §76; 2007 c.843 §59; 2009 c.787 §2; 2011 c.730 §11; 2013 c.750 §50; 2015 c.701 §41; 2016 c.29 §§8,9; 2019 c.370 §1; 2021 c.525 §31; 2021 c.528 §13]
Note: Section 77, chapter 736, Oregon Laws 2003, provides:
Sec. 77. ORS 315.514 (Film production development contributions) applies to tax years beginning on or after January 1, 2005, and before January 1, 2030, and to tax credit certifications issued by the Oregon Film and Video Office on or after July 1, 2005. [2003 c.736 §77; 2009 c.913 §1; 2011 c.730 §17; 2015 c.701 §42; 2021 c.525 §34]

Source: Section 315.514 — Film production development contributions; auction of tax credits; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors315.­html.

315.004
Definitions
315.037
Tax expenditures applicable for limited time
315.044
Statement of purpose
315.047
List of tax credits with revenue impact in excess of projection
315.051
Report by Legislative Revenue Officer
315.052
Limitation on transfer or sale of credit
315.053
Restriction on types of transferees
315.054
Federal tax credits allowable only as specified
315.056
Conditions for transfer of tax credit
315.058
Agency to provide tax credit approval information to Department of Revenue
315.061
Suspension, revocation or forfeiture
315.063
Waiver of substantiation by Department of Revenue
315.068
Claim of right income repayment adjustments
315.104
Reforestation
315.106
Reforestation credit preliminary certificate
315.108
Annual reforestation credit cost limitation
315.111
Legislative declarations regarding riparian land conservation
315.113
Voluntary removal of riparian land from farm production
315.117
Legislative findings and declarations regarding on-farm processing
315.119
On-farm processing facilities
315.123
Minimum production and processing volume requirements
315.138
Screening devices, by-pass devices or fishways
315.141
Biomass production or collection
315.144
Transfer of biomass credit
315.154
Definitions for crop donation credit
315.156
Crop donation
315.163
Definitions for ORS 315.163 to 315.169
315.164
Agriculture workforce housing projects
315.167
Agriculture workforce housing credit application
315.169
Agriculture workforce housing contributor credit
315.171
Tax credit limit for biennium
315.174
Livestock killed by wolf
315.176
Bovine manure production or collection
315.184
Annual limitation on total amount of tax credits
315.204
Dependent care assistance
315.208
Dependent care facilities
315.213
Contributions to Office of Child Care
315.237
Employee and dependent scholarship program payments
315.262
Working family child care
315.264
Working family household and dependent care expenses
315.266
Earned income
315.271
Individual development accounts
315.272
Certain individual development account withdrawals
315.304
Pollution control facilities
315.326
Renewable energy development contributions
315.329
Funding in lieu of tax credit certification
315.331
Energy conservation projects
315.336
Transportation projects
315.341
Renewable energy resource equipment manufacturing facilities
315.354
Energy conservation facilities
315.356
Other grants as offset to cost of energy conservation facility
315.357
Time limit applicable to energy conservation tax credit
315.465
Biofuels and fuel blends
315.469
Biodiesel used in home heating
315.506
New business facility in reservation enterprise zone or reservation partnership zone
315.507
Electronic commerce in designated enterprise zone
315.508
Recordkeeping requirements
315.514
Film production development contributions
315.516
Funding in lieu of tax credit certification
315.517
Water transit vessels
315.523
Employee training
315.526
Short title
315.529
Definitions
315.533
Qualified equity investments
315.536
Transferability of credit
315.591
Definitions
315.593
Short line railroad rehabilitation projects
315.595
Preliminary certification
315.597
Final certification
315.599
Fees
315.603
Tax credit limit for biennium
315.610
Long term care insurance
315.613
Credit available to persons providing rural medical care and affiliated with certain rural hospitals
315.616
Additional providers who may qualify for credit
315.619
Credit for medical staff at type C hospital
315.622
Rural emergency medical services providers
315.624
Medical care to residents of Oregon Veterans’ Home
315.628
Health care services under TRICARE contract
315.631
Certification of health care providers
315.640
University venture development fund contributions
315.643
Opportunity Grant contributions
315.646
Funding in lieu of tax credit certification
315.650
Higher education savings account or ABLE account contributions
315.653
Forfeiture of prior tax relief
315.675
Trust for Cultural Development Account contributions
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