ORS 458.690
Required account features
- rules
(1)
A fiduciary organization selected under ORS 458.695 (Selection of fiduciary organizations) may qualify as the recipient of account contributions that qualify the contributor for a tax credit under ORS 315.271 (Individual development accounts) only if the fiduciary organization matches amounts deposited by the account holder according to a formula established by the fiduciary organization of not less than $1 nor more than $5 for each $1 deposited by the account holder. The matching funds must be deposited into a designated account that is controlled by the fiduciary organization and is separate from the savings account of the account holder.(2)
Account holders may not accrue more than $6,000 of matching funds under subsection (1) of this section from state-directed moneys in any 12-month period. A fiduciary organization may designate a lower amount as a limit on annual matching funds. A fiduciary organization shall maintain on deposit sufficient funds to cover the matching deposit agreements for all individual development accounts managed by the organization.(3)
The Housing and Community Services Department shall adopt rules to establish a maximum total amount of state-directed moneys that may be deposited as matching funds into an individual development account.(4)
The Housing and Community Services Department shall provide information to the Department of Revenue about all individual development account contributors that are qualified for a tax credit under ORS 315.271 (Individual development accounts), if required by ORS 315.058 (Agency to provide tax credit approval information to Department of Revenue). [1999 c.1000 §5; 2001 c.648 §5; 2003 c.280 §19; 2007 c.765 §5; 2015 c.843 §21; 2019 c.483 §24; 2021 c.525 §12]
Source:
Section 458.690 — Required account features; rules, https://www.oregonlegislature.gov/bills_laws/ors/ors458.html.
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