(2) Account holders may not accrue more than $6,000 of matching funds under subsection (1) of this section from state-directed moneys in any 12-month period. A fiduciary organization may designate a lower amount as a limit on annual matching funds. 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 Housing and Community Services Department shall adopt rules to establish a maximum total amount of state-directed moneys that may be deposited as matching funds into an individual development account.
(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]
Note: Section 9 (1), 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. [2007 c.765 §9; 2015 c.701 §7; 2021 c.525 §7(1)]
Note: See note under 458.670.