(1) An individual taxpayer shall be allowed a credit against the taxes that are otherwise due under ORS chapter 316 if, during the tax year:\n(a) The taxpayer purchased a primary residence;\n(b) 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\n(c) An approved purpose of the account is the purpose described in ORS 458.685 (1)(d).\n(2) The amount of the tax credit shall be the least of:\n(a) The amount of the withdrawal from the individual development account that is for the purpose described in ORS 458.685 (1)(d);\n(b) The amount of usual and reasonable settlement, financing and other closing costs incurred in the purchase of the primary residence;\n(c) $2,000; or\n(d) The tax liability of the taxpayer.\n(3) A tax credit allowed under this section that is unused may not be carried forward to a succeeding tax year.\n(4) A tax credit under this section may be claimed by a nonresident or a part-year resident without proration.\n(5) The definitions in ORS 458.670 apply to this section. rd to a succeeding tax year.\n(4) A tax credit under this section may be claimed by a nonresident or a part-year resident without proration.\n(5) The definitions in ORS 458.670 apply to this section. [2005 c.575 §2; 2017 c.315 §21]\nNote:\nSection 49, chapter 913, Oregon Laws 2009, provides:\nSec. 49.\nA credit may not be claimed under ORS 315.272 for tax years beginning on or after January 1, 2016. [2009 c.913 §49]
Oregon Legal Code