OAR 123-630-0090
Limitations for Certification
(1)
Once the department has certified a cumulative amount of qualified equity investments that can result in the utilization of $16 million of tax credits in any tax year, the department may not certify any more qualified equity investments under ORS 285C.650 (Certification as qualified equity investment) and OAR 123-630-0080 (Certification). This limitation shall be based on the scheduled utilization of tax credits without regard to the potential for taxpayers to carry forward tax credits to later tax years.(2)
The department will reserve $30 million of qualified equity investment authority for qualified low-income community investments in qualified active low-income community businesses that:(a)
Have a primary purpose of improving the environment or reducing emissions of greenhouse gases; or(b)
Produce goods that directly reduce emissions of greenhouse gases or are designed as environmentally sensitive replacements for products in current use.(3)
The department will reserve $170 million of qualified equity investment authority for all other qualified active low-income community investments (which may include the types of investments described in ORS 285C.653 (Tax credit utilization limit per tax year)(s) and OAR 123-630-0090 (Limitations for Certification)(2)).(4)
All applications will indicate the amount of qualified equity investment authority sought by the applicant under OAR 123-630-0090 (Limitations for Certification)(2) and 123-630-0090 (Limitations for Certification)(3). The maximum amount of qualified equity investment authority for which an applicant may apply under 123-630-0090 (Limitations for Certification)(2) is $30 million and under 123-630-0090 (Limitations for Certification)(3) is $170 million.(5)
The department shall pre-screen a qualified community development entity’s proposed investment in a qualified active low-income community business for purposes of determining if the business satisfies the requirements of ORS 285C.653 (Tax credit utilization limit per tax year)(2) and OAR123-630-0090(2). The department shall, not later than 15 business days after the date of receipt of all relevant documentation, determine whether the qualified active low-income community business satisfies the requirements of ORS 285C.653 (Tax credit utilization limit per tax year)(2) and OAR 123-630-0090 (Limitations for Certification)(2) and notify the qualified community development entity in writing of the determination and an explanation of its determination. If the department fails to notify the qualified community development entity with respect to the proposed investment within the period specified in this paragraph, the business in which the qualified community development entity proposes to invest is considered to satisfy the requirements of ORS 285C.653 (Tax credit utilization limit per tax year)(2) and OAR 123-630-0090 (Limitations for Certification)(2).
Source:
Rule 123-630-0090 — Limitations for Certification, https://secure.sos.state.or.us/oard/view.action?ruleNumber=123-630-0090.