71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 564
 
                           A-Engrossed
 
                         House Bill 2477
                  Ordered by the House April 26
            Including House Amendments dated April 26
 
Sponsored by Representative CLOSE
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure.
 
  Establishes   { - $500 - }   { + $100 + } per child credit
against personal income taxes. Allows credit to extent federal
child tax credit is allowed against federal income taxes.
  Applies to tax years beginning on or after January 1, 2002.
 
                        A BILL FOR AN ACT
Relating to taxation.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2001 Act is added to and made
a part of ORS chapter 315. + }
  SECTION 2.  { + (1) A resident individual shall be allowed a
credit against the tax otherwise due under ORS chapter 316 that
is equal to 20 percent of the amount of the credit allowed to the
taxpayer under section 24 of the Internal Revenue Code for the
tax year for federal income tax purposes.
  (2) A nonresident individual shall be allowed the credit
computed in the same manner and subject to the same limitations
as the credit allowed a resident by subsection (1) of this
section.  However, the credit shall be prorated using the
proportion provided in ORS 316.117.
  (3) If a change in the status of a taxpayer from resident to
nonresident or from nonresident to resident occurs, the credit
allowed by this section shall be determined in a manner
consistent with ORS 316.117.
  (4) If a change in the taxable year of a taxpayer occurs as
described in ORS 314.085, or if the Department of Revenue
terminates the taxpayer's taxable year under ORS 314.440, the
credit allowed by this section shall be prorated or computed in a
manner consistent with ORS 314.085.
  (5) Notwithstanding section 24(d) or 32(n) of the Internal
Revenue Code, a credit allowed under this section may not exceed
the tax liability of the taxpayer and may not be carried forward
to a succeeding tax year. + }
  SECTION 3.  { + Section 2 of this 2001 Act applies to tax years
beginning on or after January 1, 2002. + }
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