{"data":{"id":"us-or/ors-315.272","jurisdiction":"us-or","citation":"ORS 315.272","heading":"Certain individual development account withdrawals.","body":"(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:\n      (a) The taxpayer purchased a primary residence;\n      (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\n      (c) An approved purpose of the account is the purpose described in ORS 458.685 (1)(d).\n      (2) The amount of the tax credit shall be the least of:\n      (a) The amount of the withdrawal from the individual development account that is for the purpose described in ORS 458.685 (1)(d);\n      (b) The amount of usual and reasonable settlement, financing and other closing costs incurred in the purchase of the primary residence;\n      (c) $2,000; or\n      (d) The tax liability of the taxpayer.\n      (3) A tax credit allowed under this section that is unused may not be carried forward to a succeeding tax year.\n      (4) A tax credit under this section may be claimed by a nonresident or a part-year resident without proration.\n      (5) The definitions in ORS 458.670 apply to this section.","path":["08 - Revenue and Taxation","29. Revenue and Taxation","Chapter 315 — Personal and Corporate Income or Excise Tax Credits"],"source_url":"https://www.oregonlegislature.gov/bills_laws/ors/ors315.html","current_through":"2025 Edition","vintage":"","retrieved_at":"2026-09-03T23:50:13Z","sha256":"16fe6b04192698c45fb1f686b8e4b8b8f381ff5cc53f16c0d433d7ba0172b39b","source_id":"us-or","stale":false,"prev":"us-or/ors-315.271","next":"us-or/ors-315.273"},"notice":"GroundRules: Original legal text. Not legal advice."}