{"data":{"id":"us-or/ors-458.690","jurisdiction":"us-or","citation":"ORS 458.690","heading":"Required account features.","body":"(1) A fiduciary organization selected under ORS 458.695 may qualify as the recipient of account contributions that qualify the contributor for a tax credit under ORS 315.271 only if the fiduciary organization matches amounts deposited by the account holder according to a formula established by the fiduciary organization of not less than $1 nor more than $5 for each $1 deposited by the account holder. The matching funds must be deposited into a designated account that is controlled by the fiduciary organization and is separate from the savings account of the account holder.\n      (2) A fiduciary organization shall maintain on deposit sufficient funds to cover the matching deposit agreements for all individual development accounts managed by the organization.\n      (3) The maximum total amount of state-directed moneys that may be accrued as matching funds in an individual development account is $20,000.\n      (4) The Housing and Community Services Department shall provide information to the Department of Revenue about all individual development account contributors that are qualified for a tax credit under ORS 315.271, if required by ORS 315.058.","path":["13 - Housing, Games, Environment","36A. Housing; Lottery and Games; Environment","Chapter 458 — Housing and Community Services Programs; Individual Development Accounts"],"source_url":"https://www.oregonlegislature.gov/bills_laws/ors/ors458.html","current_through":"2025 Edition","vintage":"","retrieved_at":"2026-09-03T23:50:14Z","sha256":"75070e8d1894be7da2bac8171487ced330deddb542edf8a70b804f7fca0555dc","source_id":"us-or","stale":false,"prev":"us-or/ors-458.685","next":"us-or/ors-458.695"},"notice":"GroundRules: Original legal text. Not legal advice."}