Personal and Corporate Income or Excise Tax Credits
Livestock killed by wolf
(1)As used in this section, “livestock” has the meaning given that term in ORS 610.150 (Wolf predation loss compensation program).
(2)A credit against taxes imposed under ORS chapter 316 (or, if the taxpayer is a corporation, under ORS chapter 317 or 318) shall be allowed for the current market value of any livestock that belongs to the taxpayer and that is killed during the tax year by a wolf.
(3)In order to qualify for the credit allowed under this section, the taxpayer must obtain written certification from the State Department of Fish and Wildlife as provided in subsection (4) of this section.
(4)(a) The State Department of Fish and Wildlife shall issue written certification to taxpayers that are eligible to claim the credit allowed under this section. Before issuing a certification under this subsection, the department must possess evidence that the loss to a taxpayer’s livestock is due to wolf depredation. The evidence must include a finding by the department or by a peace officer, as defined in ORS 161.015 (General definitions), that wolf depredation was the probable cause of the loss.
(b)The department may not issue certifications for more than $37,500 in tax credits for any tax year. The department shall issue certifications to taxpayers in the order in which completed applications for certification are received by the department.
(5)A credit allowed under this section shall be reduced by any amount that a taxpayer has already received as compensation for the killed livestock, including compensation pursuant to ORS 610.150 (Wolf predation loss compensation program).
(6)A taxpayer may not claim a credit under this section for:
(a)Any tax year that ends after the date on which the State Fish and Wildlife Commission has, by rule, removed the wolf from the list of endangered species established pursuant to ORS 496.172 (Commission management authority for threatened or endangered species) (2); or
(b)A loss to livestock killed after June 30, 2018.
(7)If the amount allowable as a credit under this section, when added to the sum of the amounts allowable as payment of tax under ORS 316.187 (Amount withheld is in payment of employee’s tax) (withholding), ORS 316.583 (Effect of payment of estimated tax or installment) (estimated tax), other tax prepayment amounts and other refundable credit amounts, exceeds the taxes imposed by ORS chapters 314 and 316 for the tax year (reduced by any nonrefundable credits allowable for purposes of ORS chapter 316 for the tax year), the amount of the excess shall be refunded to the taxpayer as provided in ORS 316.502 (Distribution of revenue to General Fund).
(8)The credit shall be claimed on a form prescribed by the Department of Revenue that contains the information required by the department.
(9)Any tax credit otherwise allowable under this section that is not used by the taxpayer in a particular tax year may be carried forward and offset against the taxpayer’s tax liability for the next succeeding tax year. Any credit remaining unused in the next succeeding tax year may be carried forward and used in the second succeeding tax year, and likewise any credit not used in that second succeeding tax year may be carried forward and used in the third succeeding tax year, but may not be carried forward for any tax year thereafter.
(10)In the case of a credit allowed under this section:
(a)A nonresident shall be allowed the credit in the proportion provided in ORS 316.117 (Proration between Oregon income and other income for nonresidents, part-year residents and trusts).
(b)If a change in the status of the taxpayer from resident to nonresident or from nonresident to resident occurs, the credit shall be determined in a manner consistent with ORS 316.117 (Proration between Oregon income and other income for nonresidents, part-year residents and trusts).
(c)If a change in the taxable year of the taxpayer occurs as described in ORS 314.085 (Taxable year), or if the department terminates the taxpayer’s taxable year under ORS 314.440 (Tax as debt), the credit shall be prorated or computed in a manner consistent with ORS 314.085 (Taxable year). [2012 c.65 §2]
Notes of Decisions
State could not recalculate tax for tax year closed to review in order to prevent elective carry forward of tax credit to tax year subject to review. Smurfit Newsprint Corp. v. Dept. of Revenue, 329 Or 591, 997 P2d 185 (2000)