ORS 315.144 Transfer of biomass credit; rules

A person that has obtained a tax credit under ORS 315.141 may transfer the credit to a taxpayer subject to tax under ORS chapter 316, 317 or 318.

A tax credit allowed under ORS 315.141 may be transferred on or before the date on which the return is due for the tax year in which the credit may first be claimed. After that date, no portion of a credit allowed under ORS 315.141 may be transferred.

To transfer the tax credit, the taxpayer earning the credit and the taxpayer that will claim the credit shall, on or before the date prescribed in subsection (2) of this section, jointly file a notice of tax credit transfer with the Department of Revenue. The notice shall be given on a form prescribed by the department that contains all of the following:

The name and address of the transferor and transferee;

The amount of the tax credit that is being transferred;

The amount of the tax credit that is being retained by the transferor; and

Any other information required by the department.

The State Department of Energy may establish by rule a minimum discounted value of a tax credit under this section.

The Department of Revenue, in consultation with the State Department of Energy, may by rule establish procedures for the transfer of tax credits provided by this section.