Oregon Personal and Corporate Income or Excise Tax Credits
Funding in lieu of tax credit certification
In lieu of the issuance of certifications for tax credit under ORS 315.514 (Film production development contributions) by the Oregon Film and Video Office, the Legislative Assembly may, no later than 30 days prior to the end of each fiscal year, appropriate to the Oregon Business Development Department for deposit into the Oregon Production Investment Fund an amount equal to the total amount that would otherwise be certified for tax credits during the current or upcoming fiscal year, based on the amount of contributions and accompanying applications for credit received by the office during the fiscal year and reduced by the amount, if any, previously certified for the credit for the corresponding fiscal year.
If the Legislative Assembly makes the election allowed in subsection (1) of this section:
No additional amount of credits may be certified for the corresponding fiscal year; and
Any contributions to the Oregon Production Investment Fund made for the upcoming fiscal year and for which an application for a credit under ORS 315.514 (Film production development contributions) is denied shall, at the request of the taxpayer, be refunded by the Oregon Film and Video Office. [2011 c.730 §13; 2018 c.111 §5]Note: 315.516 (Funding in lieu of tax credit certification) was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 315 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.