72nd OREGON LEGISLATIVE ASSEMBLY--2003 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 2393
 
                         House Bill 2764
 
Sponsored by Representative PATRIDGE
 
 
                             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.
 
  Extends indefinitely applicability of tax credit for
contributions made to child development program or student-parent
program. Limits total amount of tax credit taxpayer can claim.
  Takes effect on 91st day following adjournment sine die.
 
                        A BILL FOR AN ACT
Relating to taxation; creating new provisions; amending ORS
  315.234 and section 6, chapter 928, Oregon Laws 1991; and
  prescribing an effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. Section 6, chapter 928, Oregon Laws 1991, as amended
by section 51, chapter 746, Oregon Laws 1995, is amended to read:
   { +  Sec. 6. + } ORS 315.234 and the amendments to ORS 318.031
by section 5, chapter 928, Oregon Laws 1991, apply to tax years
beginning on or after January 1, 1991  { - , and on or before
December 31, 2001 - } .
  SECTION 2.  { + A taxpayer may claim a credit under ORS 315.234
for contributions made to a child development program or a
student-parent program during the tax year beginning on or after
January 1, 2002, and before January 1, 2003, by filing an amended
return that claims the credit as allowed under ORS 314.415. + }
  SECTION 3. ORS 315.234 is amended to read:
  315.234. (1) A tax credit against the taxes otherwise due under
ORS chapter 316 (or, if the taxpayer is a corporation, under ORS
chapter 317 or 318) is allowed for contributions actually made
during the tax year to:
  (a) A school district child development program that has been
approved by the Department of Education under ORS 329.385; or
  (b) A school district student-parent program that has been
approved by the Department of Education under ORS 329.385.
  (2) The amount of the credit is 50 percent of the sum of the
contributions made by the taxpayer during the tax year to both
programs. The amount of the credit   { - shall - }  { +  may + }
not exceed $5,000
  { - for each program location - } . In the case of personal
income tax, the credit is allowed to either a resident or a
nonresident taxpayer, without proration. If separate returns are
filed, each spouse may claim a share of the credit, determined as
if a joint return were made, in proportion to the contribution of
each.
 
  (3) The credit is allowable only if the contributions are made
exclusively for use by a program approved under ORS 329.385.
  (4) The credit is allowable only for contributions made after
the date the Department of Education approves the program.
  (5) If, for the tax year, a deduction is allowable under ORS
chapter 316, 317 or 318 for the same contributions that are used
to determine the amount of the credit, the deduction shall be
reduced by the amount of the credit allowed.
  (6) The amount of the credit shall not exceed the tax liability
of the taxpayer for the tax year for which the credit is claimed.
  (7) The Department of Revenue, with the assistance of the
Department of Education, shall adopt rules to carry out the
purposes of this section, including but not limited to rules
setting forth requirements for substantiation of contributions
and use of contributions. The requirement for substantiation may
be waived partially, conditionally or absolutely, as provided
under ORS 315.063.
  SECTION 4.  { + The amendments to ORS 315.234 by section 3 of
this 2003 Act apply to tax years beginning on or after January 1,
2004. + }
  SECTION 5.  { + This 2003 Act takes effect on the 91st day
after the date on which the regular session of the Seventy-second
Legislative Assembly adjourns sine die. + }
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