ORS 315.283: Sale of publicly supported housing; rules.

(1) A taxpayer is allowed a credit against the taxes otherwise due under ORS chapter 316 or, if the taxpayer is a corporation, under ORS chapter 317 or 318 for a qualifying sale in Oregon of publicly supported housing during the tax year. The amount of the credit allowed under this section may not exceed: (a) For housing owned by the taxpayer for at least five years, 2.5 percent of the lesser of the housing’s sale price or the appraisal under ORS 315.286 (2)(e); or (b) For housing owned by the taxpayer for at least 10 years, five percent of the lesser of the housing’s sale price or the appraisal under ORS 315.286 (2)(e). (2) In order to claim a credit under this section, a taxpayer must: (a) Lack identity of interest with the purchaser; and (b) Receive certification of a credit under ORS 315.286 (6) and submit the certification to the Department of Revenue upon request of the department. (3) The Department of Revenue may: (a) Adopt rules for carrying out the provisions of this section; and (b) Prescribe the form used to claim a credit under this section and the information required on the form. (4) Any tax credit otherwise allowable under this section that is not used by the taxpayer in a particular tax year may be carried forward and offset against the taxpayer’s tax liability for the next succeeding tax year. Any credit remaining unused in the next succeeding tax year may be carried forward and used in the second succeeding tax year, and likewise any credit not used in that second succeeding tax year may be carried forward and used in the third succeeding tax year, but may not be carried forward for any tax year thereafter. (5) In the case of a credit allowed under this section: (a) A nonresident is allowed the credit under this section in the proportion provided in ORS 316.117. (b) If a change in the status of a taxpayer from resident to nonresident or from nonresident to resident occurs, the credit allowed by this section must be determined in a manner consistent with ORS 316.117. (c) If a change in the tax year of a taxpayer occurs as described in ORS 314.085, or if the Department of Revenue terminates the taxpayer’s tax year under ORS 314.440, the credit allowed under this section must be prorated or computed in a manner consistent with ORS 314.085. (6) The Housing and Community Services Department shall provide information to the Department of Revenue about all certifications issued under this section, if required as provided by ORS 315.058. [2023 c.490 §19; 2024 c.52 §7] Sec. 6. ORS 315.283 applies to sales of publicly supported housing completed in tax years beginning on or after January 1, 2024, and before January 1, 2030. [2024 c.52 §6]