(1) As provided in subsection (2) of this section, prior tax relief afforded a taxpayer by virtue of the credit allowed under ORS § 315.650 shall be forfeited if any of the following are taken:

Terms Used In Oregon Statutes 315.653

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC

(a) A nonqualified withdrawal from an account, as defined in ORS § 178.300;

(b) A withdrawal from a savings network account for higher education established under ORS § 178.300 to 178.360 to pay expenses in connection with enrollment or attendance at an elementary or secondary school; or

(c) A distribution from an ABLE account that is not a qualified disability expense of the designated beneficiary as provided in ORS § 178.375 and 178.380 and rules adopted by the Oregon 529 Savings Board.

(2) A taxpayer shall report the amount of a disallowed withdrawal or distribution in the tax year in which it is taken, and shall remit the taxes due as a result of the forfeited credit. The Department of Revenue shall by rule determine the calculation of forfeited credit amounts.

(3) If a taxpayer does not report a disallowed withdrawal or distribution in the tax year that it is taken, and notwithstanding ORS § 314.410, the department shall proceed to collect those taxes, including penalties and interest, not paid by the taxpayer as a result of the tax credit allowed the taxpayer. [2019 c.579 § 3]

 

CULTURE

 

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