§ 458.690 — Required account features

Oregon § 458.690

• Jurisdiction: Oregon
• Vol.: 13
• Title 36A: Housing; Lottery and Games; Environment
• Ch.: 458

Text

(1) A fiduciary organization selected under ORS 458.695 may qualify as the recipient of account contributions that qualify the contributor for a tax credit under ORS 315.271 only if the fiduciary organization matches amounts deposited by the account holder according to a formula established by the fiduciary organization of not less than $1 nor more than $5 for each $1 deposited by the account holder. The matching funds must be deposited into a designated account that is controlled by the fiduciary organization and is separate from the savings account of the account holder.
(2) A fiduciary organization shall maintain on deposit sufficient funds to cover the matching deposit agreements for all individual development accounts managed by the organization.
(3) The maximum total amount of state-directed moneys that may be accrued as matching funds in an individual development account is $20,000.
(4) The Housing and Community Services Department shall provide information to the Department of Revenue about all individual development account contributors that are qualified for a tax credit under ORS 315.271, if required by ORS 315.058.

Legislative History

1999 c.1000 §5; 2001 c.648 §5; 2003 c.280 §19; 2007 c.765 §5; 2015 c.843 §21; 2019 c.483 §24; 2021 c.525 §12; 2025 c.48 §1