This section will contain updates on local, national and international legislative information that pertains to planned giving in our region. Following is the final version of HR 2492 . Testimonies and rebuttals are also available by clicking on the appropriate titles at the top of this page. Requires Department of Revenue to report on credits annually to Legislative Assembly or interim committee.
New sections are in boldfaced type.
Section 2 of this 2001 Act is added to and made a part of ORS chapter 315. The endowment fund may be created by a restriction in the instrument creating the planned gift or in a separate instrument executed by the qualified charitable organization. If the taxpayer has claimed a deduction for the planned gift on the taxpayer's federal return, the taxpayer must add the amount of the deduction to taxable income for Oregon tax purposes. The credit allowed under this section may not exceed the tax liability of the taxpayer and may not be carried forward to a succeeding tax year. However, the credit shall be prorated using the proportion provided in ORS 316.117.