Oregon Administrative Rules
Chapter 150 - DEPARTMENT OF REVENUE
Division 315 - PERSONAL INCOME TAX CREDITS
Section 150-315-0050 - Transfer of Biomass Credit
Universal Citation: OR Admin Rules 150-315-0050
Current through Register Vol. 63, No. 9, September 1, 2024
(1) As provided by ORS 315.053, a person that has obtained a tax credit under ORS 315.141 may transfer the credit to:
(a) A C corporation;
(b) An S corporation; or
(c) A personal income taxpayer.
(2) Transfers. The value of the credit earned under ORS 315.141 is the greater of the market value upon transfer or the minimum discounted rate established by the Department of Energy. A credit may be transferred or sold only once. In order for the transfer to be effective:
(a) The
Department of Energy must certify the credit;
(b) The person who earned the credit must
complete the transfer schedule on the back of the certificate provided by the
Department of Energy and retain the schedule with their records;
(c) The person who earned the credit and the
taxpayer claiming the credit must complete and file a joint statement on a form
provided by the Department of Revenue to be filed with the department within 30
days of the transfer. Both parties must retain a copy with their records; and,
(d) The credit must be transferred
on or before the due date of the tax return (including extensions) for the
first tax year in which the credit may first be claimed. After that date, no
portion of the credit allowed under ORS
315.141 may be transferred.
Stat. Auth.: ORS 305.100, 315.144
Stats. Implemented: ORS 315.144
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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