ORS 315.272
Certain individual development account withdrawals
(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:(a)
The taxpayer purchased a primary residence;(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(c)
An approved purpose of the account is the purpose described in ORS 458.685 (Approved purpose of account) (1)(d).(2)
The amount of the tax credit shall be the least of:(a)
The amount of the withdrawal from the individual development account that is for the purpose described in ORS 458.685 (Approved purpose of account) (1)(d);(b)
The amount of usual and reasonable settlement, financing and other closing costs incurred in the purchase of the primary residence;(c)
$2,000; or(d)
The tax liability of the taxpayer.(3)
A tax credit allowed under this section that is unused may not be carried forward to a succeeding tax year.(4)
A tax credit under this section may be claimed by a nonresident or a part-year resident without proration.(5)
The definitions in ORS 458.670 (Definitions for ORS 458.670 to 458.700) apply to this section. [2005 c.575 §2; 2017 c.315 §21]
Source:
Section 315.272 — Certain individual development account withdrawals, https://www.oregonlegislature.gov/bills_laws/ors/ors315.html.
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