§ 315.646 — Funding in lieu of tax credit certification

Oregon § 315.646

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

Text

(1) In lieu of the issuance of certifications for tax credit under ORS 315.643 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 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 is pending shall, at the request of the taxpayer, be refunded by the commission; and
(b) A credit under ORS 315.643 may not be claimed for any contribution made during the current fiscal year.

Legislative History

2018 c.108 §3