(2) If a credit allowed under this section is claimed, the amount upon which the credit is based that is allowed or allowable as a deduction from federal taxable income under section 170 of the Internal Revenue Code shall be added to federal taxable income in determining Oregon taxable income. As used in this subsection, the amount upon which a credit is based is the allowed credit divided by the applicable percentage, as determined by the fiduciary organization.
(3) The allowable tax credit that may be used in any one tax year shall not exceed the tax liability of the taxpayer.
(4) Any tax credit otherwise allowable under this section that is not used by the taxpayer in a particular year may be carried forward and offset against the taxpayer’s tax liability for the next succeeding tax year. Any tax credit remaining unused in the next succeeding tax year may be carried forward and used in the second succeeding tax year. Any tax credit not used in the 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) The total credits allowed to all taxpayers in any tax year under this section and ORS 458.690 may not exceed $7.5 million. The total credit allowed to a taxpayer in any tax year under this section and ORS 458.690 may not exceed $500,000. [1999 c.1000 §12; 2001 c.648 §1; 2007 c.765 §1; 2009 c.913 §48; 2015 c.701 §8; 2016 c.29 §2; 2019 c.579 §49a; 2021 c.525 §6]
Note: Section 9, chapter 765, Oregon Laws 2007, provides:
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, 2028.
(2) The amendments to ORS 315.271 by section 6 of this 2021 Act apply to tax years beginning on or after January 1, 2022, and before January 1, 2028. [2007 c.765 §9; 2015 c.701 §7; 2021 c.525 §7]