ORS 315.646¹
Funding in lieu of tax credit certification

(1) In lieu of the issuance of certifications for tax credit under ORS 315.643 (Opportunity Grant contributions) by the Higher Education Coordinating Commission, the Legislative Assembly may, no later than 30 days prior to the end of each fiscal year, appropriate to the commission for deposit into the Opportunity Grant Fund established under ORS 348.266 (Opportunity Grant Fund) an amount equal to the total amount that would otherwise be certified for tax credits during the upcoming fiscal year, based on the amount of contributions and accompanying applications for credit received by the commission during the fiscal year.

(2) If the Legislative Assembly makes the election allowed in subsection (1) of this section:

(a) Any contributions to the Opportunity Grant Fund made for the upcoming fiscal year and for which an application for a credit under ORS 315.643 (Opportunity Grant contributions) is pending shall, at the request of the taxpayer, be refunded by the commission; and

(b) A credit under ORS 315.643 (Opportunity Grant contributions) may not be claimed for any contribution made during the current fiscal year. [2018 c.108 §3]

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