Oregon Department of Revenue

Rule Rule 150-315-0050
Transfer of Biomass Credit


(1)

As provided by ORS 315.053 (Restriction on types of transferees), a person that has obtained a tax credit under ORS 315.141 (Biomass production or collection) may transfer the credit to:

(a)

A C corporation;

(b)

An S corporation; or

(c)

A personal income taxpayer.

(2)

Transfers. The value of the credit earned under ORS 315.141 (Biomass production or collection) is the greater of the market value upon transfer or the minimum discounted rate established by the Department of Energy. A credit may be transferred or sold only once. In order for the transfer to be effective:

(a)

The Department of Energy must certify the credit;

(b)

The person who earned the credit must complete the transfer schedule on the back of the certificate provided by the Department of Energy and retain the schedule with their records;

(c)

The person who earned the credit and the taxpayer claiming the credit must complete and file a joint statement on a form provided by the Department of Revenue to be filed with the department within 30 days of the transfer. Both parties must retain a copy with their records; and,

(d)

The credit must be transferred on or before the due date of the tax return (including extensions) for the first tax year in which the credit may first be claimed. After that date, no portion of the credit allowed under ORS 315.141 (Biomass production or collection) may be transferred.
Source

Last accessed
Jun. 8, 2021