(1) In lieu of the issuance of certifications for tax credit under ORS § 315.643 by the Higher Education Coordinating Commission, the Legislative Assembly may, no later than 30 days prior to the end of each fiscal year, appropriate to the commission for deposit into the Opportunity Grant Fund established under ORS § 348.266 an amount equal to the total amount that would otherwise be certified for tax credits during the upcoming fiscal year, based on the amount of contributions and accompanying applications for credit received by the commission during the fiscal year.

Terms Used In Oregon Statutes 315.646

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

(2) If the Legislative Assembly makes the election allowed in subsection (1) of this section:

(a) Any contributions to the Opportunity Grant Fund made for the upcoming fiscal year and for which an application for a credit under ORS § 315.643 is pending shall, at the request of the taxpayer, be refunded by the commission; and

(b) A credit under ORS § 315.643 may not be claimed for any contribution made during the current fiscal year. [2018 c.108 § 3]

 

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