2023 Oregon Revised Statutes › Volume : 08 - Revenue and Taxation › Chapter 315 - Personal and Corporate Income or Excise Tax Credits › Section 315.286 - Reservation of credit; application to Housing and Community Services Department.

(1) Before purchasing a property that is publicly supported housing, a purchaser intending to reserve the credit allowed under ORS 315.283 on behalf of the seller shall apply to the Housing and Community Services Department for a reservation.
(2) The application for a reservation under this section must be on a form prescribed by the Housing and Community Services Department and must provide:
(a) The name, address and taxpayer identification number of the seller and of the purchaser;
(b) The location of the publicly supported housing;
(c) A description of the use to which the housing will be put following the qualifying sale;
(d) The number of affordable housing units that will be maintained within the housing following the qualifying sale and the projected duration, in years, of the availability of the units as affordable housing;
(e) An appraisal of the housing conducted by an appraiser as defined in ORS 674.200;
(f) The anticipated amount of credit to be reserved by the seller;
(g) The calendar year in which the purchaser anticipates completing the qualifying sale; and
(h) Any other information as the Housing and Community Services Department may require.
(3) The Housing and Community Services Department may review applications for a reservation using any reasonable system of prioritizing review established by the Housing and Community Services Department by rule.
(4) Applications for reservations of a credit filed in compliance with this section may be approved by the Housing and Community Services Department only to the extent that the total amount of credits for all approved qualifying sales for the calendar year is equal to or less than the limitation in ORS 315.291. The Housing and Community Services Department may deny an application, or may approve a reduced amount of credit, if the addition of the anticipated amount of credit to previously approved amounts of credits for the calendar year would exceed the limitation in ORS 315.291.
(5) Upon approval of a reservation of a credit, and not later than January 15 of the year following the filing of the application, the Housing and Community Services Department shall issue a reservation to the purchaser. The reservation must state the approved amount of credit. The reservation may include conditions that must be met in order for a credit to be claimed by the seller under ORS 315.283.
(6) The Housing and Community Services Department, following notification of the close of the qualifying sale, including the final purchase price, shall send to the seller a certification of the seller’s claim to the credit in an amount not to exceed the lesser of the amount reserved or the amount calculated under ORS 315.283 (1) based on the final purchase price.
(7) At the end of each calendar year, the Housing and Community Services Department shall send a list of the names, addresses and taxpayer identification numbers of sellers to whom a certification has been issued under subsection (6) of this section during the calendar year, along with approved amounts of credit for each qualifying sale, to the Department of Revenue.
(8) A tax credit may not be issued under this section for the sale of a property that, within the previous 30 years, was awarded a tax credit under ORS 315.283.
(9) The Housing and Community Services Department may establish an application process for the registration and certification of credits under this section.
(10) Notwithstanding that a certification has been issued to a seller under this section, the Department of Revenue may disallow, in whole or in part, a claim for credit upon the Department of Revenue’s determination that the seller is not entitled to the credit or is entitled only to a portion of the amount claimed under ORS 315.283.
(11) The Housing and Community Services Department may adopt rules to implement this section. [2023 c.490 §20]