ORS 316.803
Obligations of financial institution; provision of certificates to account holders


(1)

On or before January 31 of each year, a financial institution at which an account holder has created a first-time home buyer savings account shall provide to the account holder a certificate containing the following information:

(a)

The date when the account was created;

(b)

The name of the account holder;

(c)

The amount of funds contributed to the account during the tax year;

(d)

The amount of funds withdrawn from the account during the tax year; and

(e)

Any other information as required by rules adopted by the Department of Revenue.

(2)

A financial institution is not required to:

(a)

Track the use of moneys withdrawn from a first-time home buyer savings account; or

(b)

Allocate funds in a first-time home buyer savings account among joint account holders.

(3)

A financial institution is not responsible or liable for:

(a)

Determining or ensuring that an account satisfies the requirements to be a first-time home buyer savings account;

(b)

Determining or ensuring that funds in a first-time home buyer savings account are used for eligible costs; or

(c)

Reporting or remitting taxes or penalties related to the use of a first-time home buyer savings account.

(4)

Upon being furnished proof of the death of the account holder and such other information required by the contract governing the first-time home buyer savings account, a financial institution shall distribute the principal and accumulated interest or other income in the first-time home buyer savings account in accordance with the terms of the contract governing the account. [2018 c.109 §8]
Note: Section 9, chapter 109, Oregon Laws 2018, provides:
Sec. 9. Sections 2 to 8 of this 2018 Act [316.796 (Definitions) to 316.803 (Obligations of financial institution)] apply to tax years beginning on or after January 1, 2019, and before January 1, 2037. [2018 c.109 §9]
Chapter 316

Notes of Decisions

Unless the divorce decree specifically designates that payments are for child support, payments will be treated as alimony. Henderson v. Dept. of Rev., 5 OTR 153 (1972)

The goal of this chapter is to incorporate all of the provisions of the federal Internal Revenue Code; taxable income should be adjusted whenever the result of the adjustment is to give effect to the policies or principles of the federal Internal Revenue Code, even though no express authority for the adjustment is present in the statutes. Christian v. Dept. of Rev., 269 Or 469, 526 P2d 538 (1974); Smith v. Dept. of Rev., 270 Or 456, 528 P2d 73 (1974)

By its enactment of this chapter, the legislature intended to adopt §172 of the federal Internal Revenue Code allowing for the carryback and carryforward of net operating losses. Christian v. Dept. of Rev., 269 Or 469, 526 P2d 538 (1974)

Where plaintiff failed to appeal timely as required by this section, appeal rights were not preserved so that cause could be considered on merits. Dela Rosa v. Dept. of Rev., 11 OTR 201 (1989), aff’d 313 Or 284, 832 P2d 1228 (1992)

Where taxpayers paid foreign income taxes on foreign income and claimed foreign taxes paid as federal tax credit and as state business expense deduction, taxpayers who claim federal foreign tax credit are entitled only to foreign tax deduction provided in ORS 316.690. Whipple v. Dept. of Rev., 309 Or 422, 788 P2d 994 (1990)

For purposes of claim preclusion, all issues regarding taxpayer’s income tax liability for tax year constitute same claim. U.S. Bancorp v. Dept. of Revenue, 15 OTR 13 (1999)

Atty. Gen. Opinions

Political contributions as credit against Oregon tax return, (1974) Vol 37, p 159

Law Review Citations

57 OLR 309 (1978); 16 WLR 373 (1979)


Source
Last accessed
May. 15, 2020