(1) A credit is allowed against the taxes otherwise due under ORS Chapter 316 (or, if the taxpayer is a corporation, under ORS Chapter 317 or 318), based upon the certified cost of a renewable energy resource equipment manufacturing facility during the period for which the facility is certified under ORS § 285C.540 to 285C.559. The credit allowed under this section in each of five succeeding tax years shall be 10 percent of the certified cost of the facility, but may not exceed the tax liability of the taxpayer.

Terms Used In Oregon Statutes 315.341

  • Amortization: Paying off a loan by regular installments.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC

(2) In order for a tax credit to be allowable under this section:

(a) The facility must be located in Oregon;

(b) The facility must have received:

(A) Final certification from the Director of the Oregon Business Development Department under ORS § 285C.540 to 285C.559; or

(B) Final certification from the Director of the State Department of Energy under ORS § 469B.130 to 469B.169, prior to January 1, 2012; and

(c) The taxpayer must be an eligible applicant under ORS § 285C.547 (1)(b).

(3) The total amount of credit allowable to an eligible taxpayer under this section may not exceed 50 percent of the certified cost of a facility.

(4)(a) Upon any sale, termination of the lease or contract, exchange or other disposition of the facility, notice thereof shall be given to the Director of the Oregon Business Development Department, who shall revoke the certificate covering the facility as of the date of such disposition.

(b) The new owner, or upon re-leasing of the facility, the new lessor, may apply for a new certificate under ORS § 285C.553. The new lessor or owner must meet the requirements of ORS § 285C.540 to 285C.559 and may claim a tax credit under this section only if all moneys owed to the State of Oregon have been paid, the facility continues to operate, unless continued operation is waived by the Oregon Business Development Department, and all conditions in the final certification are met. The tax credit available to the new owner shall be limited to the amount of credit not claimed by the former owner or, for a new lessor, the amount of credit not claimed by the lessor under all previous leases.

(5) 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 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, and likewise, any credit not used in that fifth succeeding tax year may be carried forward and used in the sixth succeeding tax year, and likewise, any credit not used in that sixth succeeding tax year may be carried forward and used in the seventh succeeding tax year, and likewise, any credit not used in that seventh succeeding tax year may be carried forward and used in the eighth succeeding tax year, but may not be carried forward for any tax year thereafter. Credits may be carried forward to and used in a tax year beyond the years specified in subsection (1) of this section only as provided in this subsection.

(6) The credit allowed under this section is not in lieu of any depreciation or amortization deduction for the facility to which the taxpayer otherwise may be entitled for purposes of ORS Chapter 316, 317 or 318 for such year.

(7) The taxpayer’s adjusted basis for determining gain or loss may not be decreased by any tax credits allowed under this section.

(8) The definitions in ORS § 285C.540 apply to this section. [2011 c.474 § 2; 2012 c.45 § 17]

 

Section 3, chapter 474, Oregon Laws 2011, provides:

A taxpayer may not be allowed a credit under section 2 of this 2011 Act [315.341] unless the taxpayer receives preliminary certification under section 10 of this 2011 Act [285C.551] before January 1, 2014. [2011 c.474 § 3]

 

[Repealed by 1965 c.26 § 6]

 

[Repealed by 1965 c.26 § 6]