§ 315.595 — Preliminary certification; application; allocation priority; rules

Oregon § 315.595

• Jurisdiction: Oregon
• Vol.: 8
• Title 29: Revenue and Taxation
• Ch. 315: Personal and Corporate Income or Excise Tax Credits

Text

(1) Prior to construction of a short line railroad rehabilitation project, a taxpayer may apply to the Department of Transportation for preliminary certification of the project in the manner prescribed by rules adopted under this section, which must include:
(a) Timelines and deadlines for submission of application materials;
(b) A description of the information required by the department to determine that the taxpayer qualifies for the credit allowed under ORS 315.593;
(c) Criteria for determining the amount of the tax credit allowed under ORS 315.593, including standards for what constitutes completion of a short line railroad rehabilitation project;
(d) The process by which an applicant will be notified of an incomplete application and the time allowed for the applicant to provide the missing information; and
(e) The month and date by which the department must notify an applicant of the preliminary certification decision and the potential amount of the tax credit for which the applicant has received preliminary certification.
(2)(a) If the total amount of potential tax credits allowed under ORS 315.593 for all taxpayers that have applied for preliminary certification would exceed the limit in ORS 315.603, the department shall allocate the tax credits allowed under ORS 315.593 so that no railroad is allowed more than $400,000 for any tax year.
(b) After applying the limitation in paragraph (a) of this subsection, if the total amount of potential tax credits allowed under ORS 315.593 for all taxpayers that have applied for preliminary certification exceeds the limit in ORS 315.603, the department shall allocate the available amount among taxpayers proportionally, based on the amount each taxpayer would have otherwise received under ORS 315.593.

Legislative History

2019 c.579 §9; 2021 c.528 §26; 2023 c.545 §3