ORS 315.272: Certain individual development account withdrawals.

(1) An individual taxpayer shall be allowed a credit against the taxes that are otherwise due under ORS chapter 316 if, during the tax year:

      (a) The taxpayer purchased a primary residence;

      (b) All or a part of the usual and reasonable settlement, financing or other closing costs for the purchase were funded from a withdrawal from an individual development account in which the taxpayer is the account holder; and

      (c) An approved purpose of the account is the purpose described in ORS 458.685 (1)(d).

      (2) The amount of the tax credit shall be the least of:

      (a) The amount of the withdrawal from the individual development account that is for the purpose described in ORS 458.685 (1)(d);

      (b) The amount of usual and reasonable settlement, financing and other closing costs incurred in the purchase of the primary residence;

      (c) $2,000; or

      (d) The tax liability of the taxpayer.

      (3) A tax credit allowed under this section that is unused may not be carried forward to a succeeding tax year.

      (4) A tax credit under this section may be claimed by a nonresident or a part-year resident without proration.

      (5) The definitions in ORS 458.670 apply to this section.