ORS 315.272 Certain individual development account withdrawals

An individual taxpayer shall be allowed a credit against the taxes that are otherwise due under ORS chapter 316 if, during the tax year:

The taxpayer purchased a primary residence;

All or a part of the usual and reasonable settlement, financing or other closing costs for the purchase were funded from a withdrawal from an individual development account in which the taxpayer is the account holder; and

An approved purpose of the account is the purpose described in ORS 458.685 (1)(d).

The amount of the tax credit shall be the least of:

The amount of the withdrawal from the individual development account that is for the purpose described in ORS 458.685 (1)(d);

The amount of usual and reasonable settlement, financing and other closing costs incurred in the purchase of the primary residence;

$2,000; or

The tax liability of the taxpayer.

A tax credit allowed under this section that is unused may not be carried forward to a succeeding tax year.

A tax credit under this section may be claimed by a nonresident or a part-year resident without proration.

The definitions in ORS 458.670 apply to this section. [2005 c.575 §2; 2017 c.315 §21]

Sec. 49. A credit may not be claimed under ORS 315.272 for tax years beginning on or after January 1, 2016.