629-607-0750 Forest Conservation Tax Credit – Deed Restriction Removal (1) If the small forestland owner, or their estate heirs or devisees, elect to conduct a timber harvest in the forest conservation area for which the forest conservation tax credit has been claimed or otherwise elects to remove the harvest restriction: (a) The small forestland owner shall notify the Small Forestland Owner Assistance Office in writing that they elect to have the forest conservation tax credit removed. (b) The small forestland owner shall repay the Department of Revenue any tax credit that has been deducted from their tax liability with interest from the due date of the original return(s) where the tax credit was taken and shall forfeit any unused tax credit. The repayment procedure and interest rate shall be prescribed by the Department of Revenue. (c) The Small Forestland Owner Assistance Office shall provide the small forestland owner with form(s) to provide evidence that the tax credit has been repaid and to remove the deed restriction from the county records. (d) The small forestland owner shall notify the Small Forestland Owner Assistance Office in writing and provide documentation that repayment to the Department of Revenue is complete. (e) The Small Forestland Owner Assistance Office shall verify the original forest conservation area has not been harvested. After verification, the Small Forestland Assistance Office shall modify their records to reflect that there is no longer a restriction on that riparian management area and shall provide the small forestland owner with appropriate documentation to have the deed removed. (f) The small forestland owner shall be responsible for providing the county with documentation to have the deed restriction removed and for any county recording fees. (2) If a subsequent small forestland owner wishes to conduct a timber harvest in the forest conservation area for which the forest conservation tax credit has been claimed or otherwise elects to remove the harvest restriction: (a) The subsequent small forestland owner shall notify the Small Forestland Owner Assistance Office in writing that they elect to have the forest conservation tax credit removed. (b) The subsequent small forestland owner shall pay the Department of Revenue an amount equal to the full certified tax credit received by the previous owner with interest from the date of transfer of the title to the successor owner. The repayment procedure and interest rate shall be prescribed by the Department of Revenue. (c) The Small Forestland Owner Assistance Office shall provide the small forestland owner with form(s) to provide evidence that the tax credit has been repaid and to remove the deed restriction from the county records. (d) The small forestland owner shall notify the Small Forestland Owner Assistance Office in writing and provide sufficient documentation that the repayment to the Department of Revenue has been satisfied. (e) The Small Forestland Assistance Office shall verify the original forest conservation area has not been harvested. After verification, the Small Forestland Assistance Office shall modify their records to reflect that there is no longer a restriction on that riparian management area and provide the small forestland owner with the appropriate documentation to have the deed restriction removed. (f) The small forestland owner shall be responsible for providing the county with documentation to have the deed restriction removed and for any county recording fees. Statutory/Other Authority: ORS 527.710 & Section 2(11), Chapter 34, Oregon Laws 2022 Statutes/Other Implemented: Section 3, Chapter 34, Oregon Laws 2022 History: DOF 1-2024, amend filed 01/03/2024, effective 01/03/2024 DOF 7-2022, adopt filed 11/21/2022, effective 01/01/2024