(2) The credit allowed under this section shall be the least of:
(a) In the case of a tier I short line railroad, $1,000 multiplied by the number of miles of short line railroad track the taxpayer owns or leases in this state on the day the short line railroad rehabilitation project is completed;
(b) In the case of a tier II short line railroad, $3,500 multiplied by the number of miles of short line railroad track the taxpayer owns or leases in this state on the day the short line railroad rehabilitation project is completed; or
(c) Fifty percent of the short line railroad rehabilitation project costs paid or incurred by the taxpayer during the tax year in which the credit is claimed.
(3) For the credit to be allowed under this section:
(a) The infrastructure must be located in Oregon; and
(b) The taxpayer must:
(A) Own or lease the infrastructure;
(B) Be a short line railroad; and
(C) Receive a final written certification from the Department of Transportation before claiming the credit.
(4) The amount of the credit claimed under this section for any one tax year may not exceed the tax liability of the taxpayer.
(5) 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 that 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, and likewise, any credit not used in that third succeeding tax year may be carried forward and used in the fourth succeeding tax year, and likewise, any credit not used in that fourth succeeding tax year may be carried forward and used in the fifth succeeding tax year but may not be carried forward for any tax year thereafter.
(6) The credit allowed under this section is not in lieu of any depreciation or amortization deduction for the short line railroad rehabilitation project to which the taxpayer otherwise may be entitled for purposes of ORS chapter 316, 317 or 318 for the tax year.
(7) The taxpayer’s adjusted basis for determining gain or loss may not be decreased by any tax credit allowed under this section.
(8) The credit shall be claimed on a form prescribed by the Department of Revenue that contains the information required by the department.
(9) In the case of a credit allowed under this section:
(a) A nonresident shall be 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 shall be determined in a manner consistent with ORS 316.117.
(c) If a change in the taxable year of a taxpayer occurs as described in ORS 314.085, or if the Department of Revenue terminates a taxpayer’s taxable year under ORS 314.440, the credit allowed under this section shall be prorated or computed in a manner consistent with ORS 314.085.
(10) A person that has earned a tax credit under this section may transfer the credit to a taxpayer subject to tax under ORS chapter 316, 317 or 318. The transfer must comply with ORS 315.056.
(11) The Director of Transportation may order the suspension or revocation of a certification issued under this section, as provided in ORS 315.061. [2019 c.579 §8; 2021 c.528 §25]
Note: Section 17, chapter 579, Oregon Laws 2019, provides:
Sec. 17. (1) Sections 7 to 14 of this 2019 Act [series became 315.591 to 315.603] apply to tax years beginning on or after January 1, 2020, and before January 1, 2026.
(2) Except as provided in section 8 (5) of this 2019 Act [315.593 (5)], a credit may not be claimed under section 8 of this 2019 Act for tax years beginning on or after January 1, 2026. [2019 c.579 §17]
Structure 2021 Oregon Revised Statutes
Volume : 08 - Revenue and Taxation
Chapter 315 - Personal and Corporate Income or Excise Tax Credits
Section 315.037 - Tax expenditures applicable for limited time.
Section 315.047 - List of tax credits with revenue impact in excess of projection.
Section 315.051 - Report by Legislative Revenue Officer.
Section 315.053 - Restriction on types of transferees.
Section 315.056 - Conditions for transfer of tax credit.
Section 315.058 - Agency to provide tax credit approval information to Department of Revenue.
Section 315.061 - Suspension, revocation or forfeiture.
Section 315.068 - Claim of right income repayment adjustments.
Section 315.104 - Reforestation; rules.
Section 315.108 - Annual reforestation credit cost limitation.
Section 315.113 - Voluntary removal of riparian land from farm production; rules.
Section 315.119 - On-farm processing facilities.
Section 315.138 - Screening devices, by-pass devices or fishways; rules.
Section 315.141 - Biomass production or collection; fee; rules; documentation.
Section 315.144 - Transfer of biomass credit; rules.
Section 315.154 - Definitions for crop donation credit.
Section 315.156 - Crop donation; forms.
Section 315.163 - Definitions for ORS 315.163 to 315.169.
Section 315.164 - Agriculture workforce housing projects; rules.
Section 315.167 - Agriculture workforce housing credit application; procedure; rules.
Section 315.174 - Livestock killed by wolf.
Section 315.176 - Bovine manure production or collection; rules.
Section 315.184 - Annual limitation on total amount of tax credits; proportionate reduction.
Section 315.204 - Dependent care assistance; rules.
Section 315.208 - Dependent care facilities.
Section 315.213 - Contributions to Office of Child Care.
Section 315.237 - Employee and dependent scholarship program payments.
Section 315.262 - Working family child care; rules.
Section 315.264 - Working family household and dependent care expenses; rules.
Section 315.271 - Individual development accounts.
Section 315.272 - Certain individual development account withdrawals.
Section 315.304 - Pollution control facilities.
Section 315.329 - Funding in lieu of tax credit certification.
Section 315.331 - Energy conservation projects.
Section 315.336 - Transportation projects.
Section 315.341 - Renewable energy resource equipment manufacturing facilities.
Section 315.354 - Energy conservation facilities.
Section 315.357 - Time limit applicable to energy conservation tax credit.
Section 315.465 - Biofuels and fuel blends.
Section 315.469 - Biodiesel used in home heating.
Section 315.507 - Electronic commerce in designated enterprise zone.
Section 315.508 - Recordkeeping requirements; disallowance of credit.
Section 315.514 - Film production development contributions; auction of tax credits; rules.
Section 315.516 - Funding in lieu of tax credit certification.
Section 315.517 - Water transit vessels.
Section 315.523 - Employee training.
Section 315.529 - Definitions.
Section 315.533 - Qualified equity investments.
Section 315.536 - Transferability of credit.
Section 315.591 - Definitions.
Section 315.593 - Short line railroad rehabilitation projects; rules.
Section 315.595 - Preliminary certification; application; allocation priority; rules.
Section 315.597 - Final certification; rules.
Section 315.599 - Fees; appropriation for expenses.
Section 315.610 - Long term care insurance.
Section 315.616 - Additional providers who may qualify for credit.
Section 315.619 - Credit for medical staff at type C hospital.
Section 315.622 - Rural emergency medical services providers.
Section 315.624 - Medical care to residents of Oregon Veterans’ Home.
Section 315.628 - Health care services under TRICARE contract.
Section 315.631 - Certification of health care providers; reports.
Section 315.640 - University venture development fund contributions.
Section 315.643 - Opportunity Grant contributions; auction of tax credits; certification; rules.
Section 315.646 - Funding in lieu of tax credit certification.
Section 315.650 - Higher education savings account or ABLE account contributions.
Section 315.653 - Forfeiture of prior tax relief; disallowed withdrawal or distribution.
Section 315.675 - Trust for Cultural Development Account contributions.