Or. Admin. Code § 150-315-0050 - Transfer of Biomass Credit

(1) As provided by ORS 315.053, a person that has obtained a tax credit under ORS 315.141 may transfer the credit to:

(a) A C corporation;

(b) An S corporation; or

(c) A personal income taxpayer.

(2) Transfers. The value of the credit earned under ORS 315.141 is the greater of the market value upon transfer or the minimum discounted rate established by the Department of Energy. A credit may be transferred or sold only once. In order for the transfer to be effective:

(a) The Department of Energy must certify the credit;

(b) The person who earned the credit must complete the transfer schedule on the back of the certificate provided by the Department of Energy and retain the schedule with their records;

(c) The person who earned the credit and the taxpayer claiming the credit must complete and file a joint statement on a form provided by the Department of Revenue to be filed with the department within 30 days of the transfer. Both parties must retain a copy with their records; and,

(d) The credit must be transferred on or before the due date of the tax return (including extensions) for the first tax year in which the credit may first be claimed. After that date, no portion of the credit allowed under ORS 315.141 may be transferred.

Notes

Or. Admin. Code § 150-315-0050

REV 10-2010, f. 7-23-10, cert. ef. 7-31-10; REV 10-2015, f. 12-23-15, cert. ef. 1-1-16; Renumbered from 150-315.144, REV 45-2016, f. 8-12-16, cert. ef. 9/1/2016

Stat. Auth.: ORS 305.100, 315.144

Stats. Implemented: ORS 315.144