Oregon Personal and Corporate Income or Excise Tax Credits
As used in this section, qualifying county means a county with a population greater than 60,000 but less than 80,000 that:
Is located entirely outside of the Portland Metropolitan Area Regional Urban Growth Boundary and the acknowledged urban growth boundary of cities with populations of 30,000 or more;
Has an annual economic development budget of $500,000 or greater;
Has an unemployment rate at least 1.5 percentage points greater than the comparable unemployment rate for the state;
Is party to an agreement with an institute of higher education to coordinate efforts to promote enterprise throughout the county;
Is the site of a base or installation of the Armed Forces of the United States that employs at least 750 civilian and military personnel; and
Has access to Internet service with the minimum connection speed required to effectively conduct electronic commerce.
A credit against taxes that are otherwise due under ORS chapter 316 or, if the taxpayer is a corporation, under ORS chapter 317 or 318, is allowed to a taxpayer who is located in a qualifying county and who establishes and implements an employee training program in collaboration with a local community college operated under ORS chapter 341.
The credit allowed under this section shall be equal to 12 percent of the taxpayers expenses to establish and implement the employee training program described in subsection (2) of this section.
For each tax year for which a credit is claimed under this section, the taxpayer shall maintain records sufficient to prove the taxpayers eligibility for the credit allowed under this section. A taxpayer shall maintain the records required under this subsection for at least five years.
The credit allowed under this section may not exceed the tax liability of the taxpayer for the tax year.
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 taxpayers 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.
Spouses in a marriage who file separate returns for a taxable year may each claim a share of the tax credit that would have been allowed on a joint return in proportion to the adjusted gross income of each. [2017 c.610 §19]Note: Section 20, chapter 610, Oregon Laws 2017, provides:Sec. 20. Section 19 of this 2017 Act [315.523 (Employee training)] applies to tax years beginning on or after January 1, 2017. [2017 c.610 §20]