(a) "Agriculture workforce housing" has the meaning given that term in ORS 315.163.
(b) "Lending institution" means a bank, mortgage banking company, trust company, savings bank, credit union, national banking association, federal savings and loan association, federal credit union maintaining an office in this state, nonprofit community development financial institution or nonprofit public benefit corporation operating as a lending institution.
(2)(a) A lending institution shall be allowed a credit against the taxes otherwise due under this chapter for the tax year equal to 50 percent of the interest income earned during the tax year on loans to finance only costs directly associated with construction or rehabilitation of agriculture workforce housing if, at the time the loan is made, the borrower certifies, to the satisfaction of the lender, that upon completion of the construction or rehabilitation and first occupation by agricultural workers, the housing will comply with all occupational safety or health laws, rules, regulations and standards applicable for agriculture workforce housing and that the housing will be occupied only by agricultural workers and their immediate families.
(b) A copy of the certification described under paragraph (a) of this subsection shall be submitted to the Department of Revenue at the time that a credit under this section is first claimed.
(3) The credit allowed under this section applies only to loans to construct or rehabilitate agriculture workforce housing located within this state.
(4) This credit applies only to loans made on or after January 1, 1990.
(5) The credit allowed in any one year may not exceed the tax liability of the taxpayer.
(6) If the loan has a term of longer than 10 years, then the credit shall be allowed only for the tax year of the taxpayer during which the loan is made and the nine tax years immediately following.
(7) The credit allowed under this section does not apply to loans in which the interest rate charged exceeds 13-1/2 percent per annum.
(8) The credit allowed under this section applies only to interest income from the loan and does not apply to any other loan fees or other charges collected by the lending institution with respect to the loan.
(9) The credit allowed under this section applies only to interest income actually collected by the lending institution during the tax year.
(10)(a) Except as provided in paragraph (b) of this subsection, if the lending institution sells the loan to another lending institution, then the credit shall pass to the assignee or transferee of the loan, subject to the same conditions and limitations as set forth in this section.
(b) A lending institution may assign, sell or otherwise transfer the loan to another person and retain the right to claim the credit granted under this section if the lending institution also retains responsibility for servicing the loan.
(c)(A) A lending institution that is not subject to taxation under this chapter may sell or otherwise transfer the credit allowed to the lending institution under this section to a taxpayer that is subject to taxation under this chapter.
(B) A transferee of a credit under this section shall be allowed the credit for the tax years that would have been allowable to the transferor had the transfer not occurred.
(C) The Department of Revenue shall by rule establish procedures for transferring a credit under this section. [1989 c.963 §5; 1991 c.766 §1; 1995 c.746 §54; 2001 c.613 §15; 2001 c.868 §6; 2003 c.46 §44; 2003 c.588 §16; 2009 c.541 §19; 2013 c.750 §24]
Note: Section 29, chapter 913, Oregon Laws 2009, provides:
Sec. 29. A credit may not be claimed under ORS 317.147 for tax years beginning on or after January 1, 2014. [2009 c.913 §29]
Structure 2021 Oregon Revised Statutes
Volume : 08 - Revenue and Taxation
Chapter 317 - Corporation Excise Tax
Section 317.010 - Definitions.
Section 317.018 - Statement of purpose.
Section 317.038 - Computation of Oregon taxable history.
Section 317.063 - Tax rate imposed on certain long-term capital gain from farming; requirements.
Section 317.067 - Tax on homeowners association income.
Section 317.080 - Exempt corporations.
Section 317.090 - Minimum tax.
Section 317.097 - Lending institution loans for housing; rules.
Section 317.111 - Weatherization loan interest; commercial lending institutions.
Section 317.122 - Insurers; amounts paid for certain taxes and assessments.
Section 317.124 - Long term enterprise zone facilities.
Section 317.127 - Long Term Enterprise Zone Fund.
Section 317.131 - Distribution of funds to local governments.
Section 317.147 - Agriculture workforce housing loans; credit transfers; rules.
Section 317.152 - Qualified research activities credit.
Section 317.154 - Alternative qualified research activities credit.
Section 317.267 - Dividends received by corporation from certain other corporations.
Section 317.286 - Nonrecognition of transactions with related foreign sales corporation.
Section 317.301 - Deferral of deduction for certain amounts deductible under federal law.
Section 317.319 - Capital Construction Fund; deferred income; nonqualified withdrawals.
Section 317.322 - Addition of long term care insurance premiums if credit is claimed.
Section 317.329 - Basis for stock acquisition.
Section 317.363 - Expenses of marijuana-related trade or business.
Section 317.391 - Small city business development exemption.
Section 317.476 - Net losses of prior years.
Section 317.478 - Pre-change and built-in losses.
Section 317.479 - Limitation on use of preacquisition losses to offset built-in gain.
Section 317.488 - Qualified donations and sales to educational institutions.
Section 317.491 - Contribution to charitable organization subject to disqualification order.
Section 317.625 - Income from sources without the United States.
Section 317.635 - Domestic international sales corporation; exemption from minimum tax.
Section 317.705 - Definitions.
Section 317.710 - Corporation tax return requirements; application to insurers; rules.
Section 317.715 - Tax return of corporation in affiliated group making consolidated federal return.
Section 317.720 - Computation of taxable income; excess loss accounts.
Section 317.725 - Adjustments to prevent double taxation or deduction; rules.
Section 317.853 - Disposition of revenue from tax imposed at increased rate; estimate.
Section 317.920 - Tax imposed on unrelated business income of certain exempt corporations.