Or. Admin. Code § 123-630-0070 - Reporting Requirements

(1) The qualified community development entity will submit a report by the first anniversary of the initial credit allowance date that provides proof that substantially all of the cash purchase price of its qualified equity investment was used to make qualified low-income community investments in qualified active low-income community businesses located in this state.

(2) Thereafter, the qualified community development entity will submit an annual report within 45 days of the beginning of the state's fiscal year during the compliance period on a form provided by the department. No annual report shall be due prior to the first anniversary of the initial credit allowance date. The form shall be remitted to the department both in electronic and hard copy formats. The information provided in an annual report will be submitted by the department to the Oregon Department of Administrative Services no later than September 30 following submission of the report and will be posted on the Oregon transparency website no later than December 31 of the same year. The report will include but is not limited to the following:

(a) Number of employment positions created and retained as a result of qualified low-income community investments;

(b) Annual salary of each position described in subparagraph (a) of this paragraph; and

(c) Number of positions described in subparagraph (a) of this paragraph that provide health benefits as described in ORS 743.730.

(d) Proof that substantially all of the cash purchase price of the qualified equity investment continues to be used to make qualified low-income community investments in qualified active low-income community businesses located in this state.

(e) The costs and expenses of making the qualified low-income community investment, including but not limited to fees paid for professional services, including legal and accounting services, related to the formation of operating entities; and

(f) Information with respect to the qualified equity investments made for the purpose of making qualified low-income community investments in Oregon that would be reported as part of the institution level report and transaction level reports submitted by qualified community development entities pursuant to section 45D of the Internal Revenue Code.

(3) The qualified community development entity will submit a report, in a format acceptable to the department, within 5 business days of each qualified low-income community investment made in a qualified low-income community business located in this state. The report will include, but is not limited to, the amount of the investment and the date on which the investment was made to the qualified active low-income community business and will be accompanied by documentation satisfactory to the department regarding the investment.

(4) The qualified community development entity will submit a quarterly report that provides proof that each qualified low-income community investment continues to be invested in qualified active low-income community businesses located in this state. The report will include, but is not limited to, the amount of the original investment, the date on which the original investment was made to the qualified active low-income community business, the current balance of the investment in the qualified active low-income community business, and any reinvestment of capital returned to or recovered from the original investment, exclusive of any profits realized (together with the same type of information regarding said investment as was reported regarding the original investment).

Notes

Or. Admin. Code § 123-630-0070

OBDD 9-2012, f. & cert. ef. 6-1-12; OBDD 9-2013(Temp), f. & cert. ef. 10-15-13 thru 4-11-14; OBDD 6-2014, f. & cert. ef. 4-1-14

Stat. Auth.: ORS 285C.650, 315.526 - 315.536

Stats. Implemented: ORS 285C.650 & 315.526 - 315.536