ORS 317.112
Energy conservation loans to residential fuel oil customers or wood heating residents

  • rules

(1)

A credit against taxes otherwise due under this chapter for the taxable year shall be allowed to a commercial lending institution in an amount equal to the difference between:

(a)

The amount of finance charge charged during the taxable year including interest on the loan and interest on any loan fee financed at an annual rate of six and one-half percent, by the lending institution to a dwelling owner who is or who rents to a residential fuel oil customer, or who is or who rents to a wood heating resident for the purpose of financing energy conservation measures; and

(b)

The amount of finance charge that would have been charged during the taxable year, including interest on the loan and interest on any loan fee financed by the lending institution for the loan for energy conservation measures at an annual rate that is the lesser of the following:

(A)

The annual rate charged by the commercial lending institution for nonsubsidized loans made under like terms and conditions at the time the loan for energy conservation measures is made; or

(B)

An upper limit established by rule by the Director of the State Department of Energy.

(2)

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 the next succeeding tax year may be carried forward and used in the second succeeding tax year, and likewise until the 15th succeeding tax year. The credit may not be carried forward beyond the 15th succeeding tax year.

(3)

In order to be eligible for the tax credit allowed under subsection (1) of this section, the loan shall:

(a)

Be made only to an owner of an oil-heated or wood-heated dwelling who presents the results of an energy audit pursuant to ORS 469.631 (Definitions for ORS 469.631 to 469.645) to 469.645 (Implementation of program by investor-owned utility), 469.649 (Definitions for ORS 469.649 to 469.659) to 469.659 (Implementation of program by publicly owned utility) or 469.685 (Use of earlier energy audit) that is conducted by an investor-owned utility or publicly owned utility or through the State Department of Energy, regardless of whether that utility provides the dwelling’s space heating energy.

(b)

Be subject to an annual rate not to exceed six and one-half percent and have a term not exceeding 10 years.

(c)

Not finance any materials installed in the construction of a new dwelling, additions to existing structures or remodeling that adds living space.

(d)

Finance only those energy conservation measures that are recommended as cost-effective in the energy audit, and any loan fee that is included in the body of the loan.

(4)

The credit allowed under this section may not be allowed to the extent that the loan exceeds $5,000 for a single dwelling unit, or, if the dwelling owner is a corporation described in ORS 307.375 (Type of corporation to which exemption under ORS 307.370 applicable), to the extent that the loan exceeds $2,000 for a single dwelling unit.

(5)

A commercial lending institution may charge, finance and collect a nonrefundable front-end loan fee, and such a fee does not affect the eligibility of the loan for a tax credit under this section. The fee, if any, may not exceed that charged by the lending institution for nonsubsidized loans made under like terms and conditions at the time the loan for energy conservation measures is made.

(6)

Nothing in this section or in rules adopted under this section shall be construed to cause a loan to violate the usury laws of this state.

(7)

As used in this section, “annual rate,” “commercial lending institution,” “cost-effective,” “dwelling,” “dwelling owner,” “energy audit,” “energy conservation measures,” “finance charge,” “fuel oil dealer,” “residential fuel oil customer,” “space heating” and “wood heating resident” have the meaning given those terms in ORS 469.710 (Definitions for ORS 469.710 to 469.720). [1981 c.894 §28; 1987 c.749 §1; 1991 c.718 §1; 1995 c.746 §21; 2001 c.584 §3; 2017 c.727 §14]
Note: Section 16, chapter 913, Oregon Laws 2009, provides:
Sec. 16. Except as provided in ORS 317.112 (Energy conservation loans to residential fuel oil customers or wood heating residents) (2), a credit may not be claimed under ORS 317.112 (Energy conservation loans to residential fuel oil customers or wood heating residents) for tax years beginning on or after January 1, 2012. [2009 c.913 §16]

Source: Section 317.112 — Energy conservation loans to residential fuel oil customers or wood heating residents; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors317.­html.

317.005
Short title
317.010
Definitions
317.013
Adoption of parts of Internal Revenue Code and application of federal laws and regulations
317.018
Statement of purpose
317.019
Application of Payment-in-kind Tax Treatment Act of 1983
317.025
Omission of previously enacted savings clauses from Oregon Revised Statutes
317.030
Effect of chapter
317.035
Effect of subsequent repeal of chapter
317.038
Computation of Oregon taxable history
317.061
Tax rate
317.063
Tax rate imposed on certain long-term capital gain from farming
317.067
Tax on homeowners association income
317.070
Tax on centrally assessed, mercantile, manufacturing and business corporations and financial institutions
317.080
Exempt corporations
317.090
Minimum tax
317.092
Exemption of payments to tenant of manufactured dwelling park upon termination of rental agreement
317.097
Lending institution loans for housing
317.111
Weatherization loan interest
317.112
Energy conservation loans to residential fuel oil customers or wood heating residents
317.122
Insurers
317.124
Long term enterprise zone facilities
317.125
Other tax credits limited
317.127
Long Term Enterprise Zone Fund
317.129
Tax payments of long term enterprise zone facilities credit claimants
317.131
Distribution of funds to local governments
317.147
Agriculture workforce housing loans
317.151
Contributions of computers or scientific equipment for research to educational organizations
317.152
Qualified research activities credit
317.153
Qualified research activities
317.154
Alternative qualified research activities credit
317.190
Effect on reporting income
317.195
Effect on deductions allowed
317.259
Modifications generally
317.267
Dividends received by corporation from certain other corporations
317.273
Dividend income received by domestic corporation from certain foreign corporations
317.283
Nonrecognition of transactions with related domestic international sales corporation
317.286
Nonrecognition of transactions with related foreign sales corporation
317.301
Deferral of deduction for certain amounts deductible under federal law
317.303
Deduction or adjustment for certain federal credits
317.304
Addition for unused qualified business credits
317.307
Reduction for charitable contribution deduction under federal law
317.309
Interest and dividends received from obligations of state or political subdivision
317.310
Balance in bad debt reserve of financial institution which has changed from reserve method to specific charge-off method of accounting
317.311
Application of section 243 of Tax Reform Act of 1986
317.312
Federal depreciation expenses of certain health care service contractors
317.314
Taxes on net income or profits imposed by any state or foreign country
317.319
Capital Construction Fund
317.322
Addition of long term care insurance premiums if credit is claimed
317.327
Modification of taxable income when deferred gain is recognized as result of out-of-state disposition of property
317.329
Basis for stock acquisition
317.344
Net operating loss carryback and carryover
317.349
Transaction treated as lease purchase under federal law
317.351
ORS 317.349 not applicable to finance leases
317.356
Basis on disposition of asset
317.362
Reversal of effect of gain or loss in case of timber, coal, domestic iron ore
317.363
Expenses of marijuana-related trade or business
317.374
Depletion
317.379
Exemption of income from exercise of Indian fishing rights
317.386
Energy conservation payments exempt
317.388
Claim of right income repayment adjustment when credit is claimed
317.391
Small city business development exemption
317.394
Qualifying film production labor rebates
317.398
Qualified production activities income
317.401
Addition for federal prescription drug plan subsidies excluded for federal tax purposes
317.476
Net losses of prior years
317.478
Pre-change and built-in losses
317.479
Limitation on use of preacquisition losses to offset built-in gain
317.485
Loss carryforward after reorganization
317.488
Qualified donations and sales to educational institutions
317.491
Contribution to charitable organization subject to disqualification order
317.504
Date return considered filed or advance payment considered made
317.510
Requiring additional reports and information
317.625
Income from sources without the United States
317.635
Domestic international sales corporation
317.650
Insurers
317.655
Taxable income of insurer
317.660
Allocation of net income where insurer has both in-state and out-of-state business
317.665
Oregon net losses of insurer in prior years
317.667
Tax treatment of captive insurers
317.705
Definitions
317.710
Corporation tax return requirements
317.713
Group losses as offset to income of subsidiary paying preferred dividends
317.715
Tax return of corporation in affiliated group making consolidated federal return
317.720
Computation of taxable income
317.725
Adjustments to prevent double taxation or deduction
317.850
Disposition of revenue
317.853
Disposition of revenue from tax imposed at increased rate
317.920
Tax imposed on unrelated business income of certain exempt corporations
317.930
Exceptions and limitations
317.950
Assessment of deficiency
317.991
Civil penalty
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