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 3373
 
                         House Bill 3884
 
Sponsored by Representative STARR
 
 
                             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 as
introduced.
 
  Creates personal income tax credit for tuition paid for
kindergarten to grade 12 education of child of taxpayer.
  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 credit is allowed against the taxes that
are otherwise due under ORS chapter 316, for tuition paid by the
taxpayer on behalf of a child of the taxpayer for kindergarten to
grade 12 education.
  (2) The amount of the credit shall equal ___ percent of the
tuition paid or incurred by the taxpayer during the tax year.
  (3) The credit allowed under this section may not exceed the
tax liability of the taxpayer and may not be carried forward to
another tax year.
  (4)(a) A nonresident shall be allowed the credit provided under
this section in the same manner and subject to the same
limitations as the credit is allowed to a resident of this state.
However, the credit shall be prorated using the proportion
provided in ORS 316.117.
  (b) If a change in the tax year of a taxpayer occurs as
described in ORS 314.085, or if the Department of Revenue
terminates the taxpayer's tax year under ORS 314.440, the credit
allowed by this section shall be prorated or computed in a manner
consistent with ORS 314.085.
  (c) If a change in the status of a taxpayer from resident to
nonresident or from nonresident to resident occurs, the credit
allowed under this section shall be determined in a manner
consistent with ORS 316.117. + }
  SECTION 3.  { + Section 2 of this 2001 Act applies to tax years
beginning on or after January 1, 2002. + }
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