ORS 315.640¹
University venture development fund contributions

(1) There shall be allowed 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, based on amounts contributed in the tax year to a university venture development fund established under ORS 350.550 (Purposes of funds), to the extent the university that established the fund issued a tax credit certificate to the taxpayer.

(2) The total amount of the credit allowed to a taxpayer shall equal 60 percent of the contribution amount stated on the tax credit certificate, but may not exceed $600,000.

(3) The credit allowed under this section in any one tax year may not exceed the tax liability of the taxpayer for the tax year.

(4) Any tax credit otherwise allowable under this section that is not used by the taxpayer in a particular year may be carried forward and offset against the taxpayer’s tax liability for the next succeeding tax year. Any credit remaining unused in such 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.

(5) In the case of a credit allowed under this section for purposes of ORS chapter 316:

(a) A nonresident shall be allowed the credit in the same manner and subject to the same limitations as a resident. However, the credit shall be prorated using the proportion provided in ORS 316.117 (Proration between Oregon income and other income for nonresidents, part-year residents and trusts).

(b) If a change in the tax year of a taxpayer occurs as described in ORS 314.085 (Taxable year) or if the Department of Revenue terminates the taxpayer’s tax year under ORS 314.440 (Tax as debt), the credit shall be prorated or computed in a manner consistent with ORS 314.085 (Taxable year).

(c) If a change in the status of a taxpayer from resident to nonresident or from nonresident to resident occurs, the credit shall be determined in a manner consistent with ORS 316.117 (Proration between Oregon income and other income for nonresidents, part-year residents and trusts).

(6) A taxpayer claiming a credit under this section shall add to federal taxable income for Oregon tax purposes any amount that is deducted for federal tax purposes and that also serves as the basis for the credit allowed under this section.

(7) All universities that issue tax credit certificates under this section shall provide information to the Department of Revenue about all taxpayers that are eligible for a tax credit under this section, if required by ORS 315.058 (Agency to provide tax credit approval information to Department of Revenue). [Formerly 315.521]

Note: Section 27, chapter 913, Oregon Laws 2009, provides:

Sec. 27. A credit may not be claimed under ORS 315.521 [renumbered 315.640 (University venture development fund contributions)] if the initial tax year in which the credit would otherwise be allowed begins on or after January 1, 2022. [2009 c.913 §27; 2013 c.750 §43; 2016 c.31 §1]

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