Or. Admin. Code § 150-316-0608 - First-time Home Buyer Savings Account - Cost-of-Living Adjustment
(1) For
tax years beginning after December 31, 2023, for each calendar year, the
subtraction limits in ORS
316.800(1) will
be adjusted by multiplying each limit amount by a cost-of-living adjustment for
the calendar year.
(2) For purposes
of this rule, the cost-of-living adjustment for any calendar year is the
percentage, if any, by which the monthly averaged U.S. City Average Consumer
Price Index for the 12 consecutive months ending August 31 of the prior
calendar year exceeds the monthly averaged index for the 12 consecutive months
ending August 31, 2019.
(3) As used
in this rule, "U.S. City Average Consumer Price Index" means the U.S. City
Average Consumer Price Index for All Urban Consumers (All Items) as published
by the Bureau of Labor Statistics of the United States Department of
Labor.
(4) If any resulting
increase is not a multiple of $5, the increase will be rounded to the next
highest multiple of $5.
Notes
Statutory/Other Authority: ORS 305.100 & 316.800
Statutes/Other Implemented: ORS 316.800
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