Section 315.272 - Certain individual development account withdrawals(1) An individual taxpayer shall be allowed a credit against the taxes that are otherwise due under ORS chapter 316 if, during the tax year:(a) The taxpayer purchased a primary residence;(b) All or a part of the usual and reasonable settlement, financing or other closing costs for the purchase were funded from a withdrawal from an individual development account in which the taxpayer is the account holder; and(c) An approved purpose of the account is the purpose described in ORS 458.685 (1)(d).(2) The amount of the tax credit shall be the least of:(a) The amount of the withdrawal from the individual development account that is for the purpose described in ORS 458.685 (1)(d);(b) The amount of usual and reasonable settlement, financing and other closing costs incurred in the purchase of the primary residence;(d) The tax liability of the taxpayer.(3) A tax credit allowed under this section that is unused may not be carried forward to a succeeding tax year.(4) A tax credit under this section may be claimed by a nonresident or a part-year resident without proration.(5) The definitions in ORS 458.670 apply to this section.Amended by 2017 Ch. 315, § 21, eff. 1/1/2018. Section 49, chapter 913, Oregon Laws 2009, provides:
Sec. 49. A credit may not be claimed under ORS 315.272 for tax years beginning on or after January 1, 2016. [2009 c. 913, § 49]