ORS 317.147
Agriculture workforce housing loans

  • credit transfers
  • rules

(1)

As used in this section:

(a)

“Agriculture workforce housing” has the meaning given that term in ORS 315.163 (Definitions for ORS 315.163 to 315.169).

(b)

“Lending institution” means a bank, mortgage banking company, trust company, savings bank, credit union, national banking association, federal savings and loan association, federal credit union maintaining an office in this state, nonprofit community development financial institution or nonprofit public benefit corporation operating as a lending institution.

(2)

Intentionally left blank —Ed.

(a)

A lending institution shall be allowed a credit against the taxes otherwise due under this chapter for the tax year equal to 50 percent of the interest income earned during the tax year on loans to finance only costs directly associated with construction or rehabilitation of agriculture workforce housing if, at the time the loan is made, the borrower certifies, to the satisfaction of the lender, that upon completion of the construction or rehabilitation and first occupation by agricultural workers, the housing will comply with all occupational safety or health laws, rules, regulations and standards applicable for agriculture workforce housing and that the housing will be occupied only by agricultural workers and their immediate families.

(b)

A copy of the certification described under paragraph (a) of this subsection shall be submitted to the Department of Revenue at the time that a credit under this section is first claimed.

(3)

The credit allowed under this section applies only to loans to construct or rehabilitate agriculture workforce housing located within this state.

(4)

This credit applies only to loans made on or after January 1, 1990.

(5)

The credit allowed in any one year may not exceed the tax liability of the taxpayer.

(6)

If the loan has a term of longer than 10 years, then the credit shall be allowed only for the tax year of the taxpayer during which the loan is made and the nine tax years immediately following.

(7)

The credit allowed under this section does not apply to loans in which the interest rate charged exceeds 13-1/2 percent per annum.

(8)

The credit allowed under this section applies only to interest income from the loan and does not apply to any other loan fees or other charges collected by the lending institution with respect to the loan.

(9)

The credit allowed under this section applies only to interest income actually collected by the lending institution during the tax year.

(10)

Intentionally left blank —Ed.

(a)

Except as provided in paragraph (b) of this subsection, if the lending institution sells the loan to another lending institution, then the credit shall pass to the assignee or transferee of the loan, subject to the same conditions and limitations as set forth in this section.

(b)

A lending institution may assign, sell or otherwise transfer the loan to another person and retain the right to claim the credit granted under this section if the lending institution also retains responsibility for servicing the loan.

(c)

Intentionally left blank —Ed.

(A)

A lending institution that is not subject to taxation under this chapter may sell or otherwise transfer the credit allowed to the lending institution under this section to a taxpayer that is subject to taxation under this chapter.

(B)

A transferee of a credit under this section shall be allowed the credit for the tax years that would have been allowable to the transferor had the transfer not occurred.

(C)

The Department of Revenue shall by rule establish procedures for transferring a credit under this section. [1989 c.963 §5; 1991 c.766 §1; 1995 c.746 §54; 2001 c.613 §15; 2001 c.868 §6; 2003 c.46 §44; 2003 c.588 §16; 2009 c.541 §19; 2013 c.750 §24]
Note: Section 29, chapter 913, Oregon Laws 2009, provides:
Sec. 29. A credit may not be claimed under ORS 317.147 (Agriculture workforce housing loans) for tax years beginning on or after January 1, 2014. [2009 c.913 §29]

Source: Section 317.147 — Agriculture workforce housing loans; credit transfers; 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
Green check means up to date. Up to date