ORS 458.690: Required account features.
Edition: 2025 EditionEffective: 2026-01-01Last verified: 2026-09-07
(1) A fiduciary organization selected under ORS 458.695 may qualify as the recipient of account contributions that qualify the contributor for a tax credit under ORS 315.271 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) 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 maximum total amount of state-directed moneys that may be accrued as matching funds in an individual development account is $20,000. (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, if required by ORS 315.058. [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; 2025 c.48 §1] Sec. 9. (1) A credit may not be claimed under ORS 315.271 and 458.690 for tax years beginning on or after January 1, 2030. [2007 c.765 §9; 2015 c.701 §7; 2021 c.525 §7(1); 2023 c.490 §16(1); 2025 c.434 §4(1); 2025 c.562 §18(1)]
Official history and status
History: Note: Section 9 (1), chapter 765, Oregon Laws 2007, provides: Note: See note under 458.670.
Administrative rules citing this section
- OAR 813-002-0005: Temporary rule language in effect until 01/08/2027. Purpose and Objectives — implements
- OAR 813-002-0005: Temporary rule language in effect until 01/08/2027. Purpose and Objectives — authority
- OAR 813-002-0010: Definitions — implements
- OAR 813-002-0010: Definitions — authority
- OAR 813-002-0025: Funding Applications — implements
- OAR 813-002-0025: Funding Applications — authority
- OAR 813-002-0030: Technical Advisory — implements
- OAR 813-002-0030: Technical Advisory — authority
- OAR 813-002-0045: Protests and Judicial Review of Funding Decisions — implements
- OAR 813-002-0045: Protests and Judicial Review of Funding Decisions — authority
- OAR 813-002-0055: Fees and Charges — implements
- OAR 813-002-0055: Fees and Charges — authority
- OAR 813-300-0005: Purpose and Objectives — implements
- OAR 813-300-0010: Definitions — implements
- OAR 813-300-0020: Fiduciary Organization Application Process — implements
- OAR 813-300-0030: Fiduciary Organization Application Review — implements
- OAR 813-300-0040: Fiduciary Organization General Responsibilities — implements
- OAR 813-300-0060: Fiduciary Organization Suspension or Revocation of Account Holder Status — implements
- OAR 813-300-0070: Fiduciary Organization Funding — implements
- OAR 813-300-0080: Fiduciary Organization Use of Tax Credit Contributions and Supplemental Funds — implements
- OAR 813-300-0090: Fiduciary Financial Controls; Audit and Repayment Responsibilities — implements
- OAR 813-300-0100: Fiduciary Organization Records and Reporting Requirements — implements
- OAR 813-300-0120: Account Holder Use of Funds — implements
- OAR 813-300-0130: Voluntary Revocation of Fiduciary Organization Role — implements
- OAR 813-300-0150: Tax Credit Contributor — implements
- OAR 813-300-0160: Department Regulation and Enforcement — implements
- OAR 813-300-0170: Administrative Review — implements
This rule cites
- ORS 458.695 — resolved
- ORS 315.271 — resolved
- ORS 315.058 — resolved
- 458.690 — resolved
Cited by
Official source: https://www.oregonlegislature.gov/bills_laws/ors/ors458.html