Oregon Administrative Rules
Chapter 629 - DEPARTMENT OF FORESTRY
Division 607 - SMALL FORESTLAND OWNER
Section 629-607-0750 - Forest Conservation Tax Credit - Deed Restriction Removal
Universal Citation: OR Admin Rules 629-607-0750
Current through Register Vol. 63, No. 9, September 1, 2024
(1) If the small forestland owner, or their estate heirs or devisees, elect to conduct a timber harvest in the forest conservation area for which the forest conservation tax credit has been claimed or otherwise elects to remove the harvest restriction:
(a) The small forestland owner shall notify
the Small Forestland Owner Assistance Office in writing that they elect to have
the forest conservation tax credit removed.
(b) The small forestland owner shall repay
the Department of Revenue any tax credit that has been deducted from their tax
liability with interest from the due date of the original return(s) where the
tax credit was taken and shall forfeit any unused tax credit. The repayment
procedure and interest rate shall be prescribed by the Department of
Revenue.
(c) The Small Forestland
Owner Assistance Office shall provide the small forestland owner with form(s)
to provide evidence that the tax credit has been repaid and to remove the deed
restriction from the county records.
(d) The small forestland owner shall notify
the Small Forestland Owner Assistance Office in writing and provide
documentation that repayment to the Department of Revenue is
complete.
(e) The Small Forestland
Owner Assistance Office shall verify the original forest conservation area has
not been harvested. After verification, the Small Forestland Assistance Office
shall modify their records to reflect that there is no longer a restriction on
that riparian management area and shall provide the small forestland owner with
appropriate documentation to have the deed removed.
(f) The small forestland owner shall be
responsible for providing the county with documentation to have the deed
restriction removed and for any county recording fees.
(2) If a subsequent small forestland owner wishes to conduct a timber harvest in the forest conservation area for which the forest conservation tax credit has been claimed or otherwise elects to remove the harvest restriction:
(a) The
subsequent small forestland owner shall notify the Small Forestland Owner
Assistance Office in writing that they elect to have the forest conservation
tax credit removed.
(b) The
subsequent small forestland owner shall pay the Department of Revenue an amount
equal to the full certified tax credit received by the previous owner with
interest from the date of transfer of the title to the successor owner. The
repayment procedure and interest rate shall be prescribed by the Department of
Revenue.
(c) The Small Forestland
Owner Assistance Office shall provide the small forestland owner with form(s)
to provide evidence that the tax credit has been repaid and to remove the deed
restriction from the county records.
(d) The small forestland owner shall notify
the Small Forestland Owner Assistance Office in writing and provide sufficient
documentation that the repayment to the Department of Revenue has been
satisfied.
(e) The Small Forestland
Assistance Office shall verify the original forest conservation area has not
been harvested. After verification, the Small Forestland Assistance Office
shall modify their records to reflect that there is no longer a restriction on
that riparian management area and provide the small forestland owner with the
appropriate documentation to have the deed restriction removed.
(f) The small forestland owner shall be
responsible for providing the county with documentation to have the deed
restriction removed and for any county recording fees.
Statutory/Other Authority: ORS 527.710 & Section 2(11), Chapter 34, Oregon Laws 2022
Statutes/Other Implemented: Section 3, Chapter 34, Oregon Laws 2022
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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
