Source: https://www.oregonlaws.org/ors/315.521
Timestamp: 2019-07-22 18:51:44
Document Index: 72434147

Matched Legal Cases: ['§5', '§42', '§2', '§27', '§43', '§1']

ORS 315.521 - University venture development fund contributions - 2017 Oregon Revised Statutes
2017 ORS Vol. 8 Chapter 315 Section 315.521
New business facility in reserva­tion enterprise zone or reserva­tion partnership zone
315.508
315.514
Film produc­tion develop­ment contribu­tions
315.516
Funding in lieu of tax credit certifica­tion
315.517
Water transit vessels
University venture develop­ment fund contribu­tions
315.523
Employee train­ing
2017 ORS 315.521¹
(1) There shall be allowed a credit against the taxes that are otherwise due under ORS chapter 316 or, if the taxpayer is a corporation, under ORS chapter 317 or 318, based on amounts contributed in the tax year to a university venture development fund established under ORS 350.550 (Purposes of funds), to the extent the university that established the fund issued a tax credit certificate to the taxpayer.
(2) The total amount of the credit allowed to a taxpayer shall equal 60 percent of the contribution amount stated on the tax credit certificate, but may not exceed $600,000.
(3) The credit allowed under this section in any one tax year may not exceed the tax liability of the taxpayer for the tax year.
(4) Any tax credit otherwise allowable under this section that is not used by the taxpayer in a particular year may be carried forward and offset against the taxpayer’s tax liability for the next succeeding tax year. Any credit remaining unused in such next succeeding tax year may be carried forward and used in the second succeeding tax year, and likewise, any credit not used in that second succeeding tax year may be carried forward and used in the third succeeding tax year, but may not be carried forward for any tax year thereafter.
(5) In the case of a credit allowed under this section for purposes of ORS chapter 316:
(a) A nonresident shall be allowed the credit in the same manner and subject to the same limitations as a resident. However, the credit shall be prorated using the proportion provided in ORS 316.117 (Proration between Oregon income and other income for nonresidents, part-year residents and trusts).
(b) If a change in the tax year of a taxpayer occurs as described in ORS 314.085 (Taxable year) or if the Department of Revenue terminates the taxpayer’s tax year under ORS 314.440 (Tax as debt), the credit shall be prorated or computed in a manner consistent with ORS 314.085 (Taxable year).
(c) If a change in the status of a taxpayer from resident to nonresident or from nonresident to resident occurs, the credit shall be determined in a manner consistent with ORS 316.117 (Proration between Oregon income and other income for nonresidents, part-year residents and trusts).
(6) A taxpayer claiming a credit under this section shall add to federal taxable income for Oregon tax purposes any amount that is deducted for federal tax purposes and that also serves as the basis for the credit allowed under this section. [2005 c.592 §5; 2013 c.750 §42; 2016 c.31 §2]
Note: Section 27, chapter 913, Oregon Laws 2009, provides:
Sec. 27. A credit may not be claimed under ORS 315.521 (University venture development fund contributions) if the initial tax year in which the credit would otherwise be allowed begins on or after January 1, 2022. [2009 c.913 §27; 2013 c.750 §43; 2016 c.31 §1]
Purposes of funds