74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
SA to A-Eng. HB 2094
 
LC 336/HB 2094-A4
 
                      SENATE AMENDMENTS TO
                   A-ENGROSSED HOUSE BILL 2094
 
               By COMMITTEE ON FINANCE AND REVENUE
 
                             June 18
 
  On page 1 of the printed A-engrossed bill, line 2, after ' ORS'
insert '315.271,'.
  In line 3, delete 'and 458.695; repealing ORS 417.900' and
insert ', 458.695 and 458.700; repealing ORS 315.271, 417.900 and
458.690'.
  Delete line 5 and insert:
  '  { +  SECTION 1. + } ORS 315.271 is amended to read:
  ' 315.271. (1) A credit against taxes otherwise due under ORS
chapter 316, 317 or 318 shall be allowed for donations to a
fiduciary organization for distribution to individual development
accounts established under ORS 458.685. The credit shall equal
the lesser of $75,000 or 75 percent of the donation amount. { +
To qualify for a credit under this section, donations to a
fiduciary organization must be made prior to January 1, 2012. + }
  ' (2) If a credit allowed under this section is claimed, the
amount upon which the credit is based that is allowed or
allowable as a deduction from federal taxable income under
section 170 of the Internal Revenue Code shall be added to
federal taxable income in determining Oregon taxable income. As
used in this subsection, the amount upon which a credit is based
is the allowed credit divided by 75 percent.
  ' (3) The allowable tax credit that may be used in any one tax
year shall not exceed the tax liability of the taxpayer.
  ' (4) Any tax credit otherwise allowable under this section
that is not used by the taxpayer in a particular year may be
carried forward and offset against the taxpayer's tax liability
for the next succeeding tax year. Any tax credit remaining unused
in the next succeeding tax year may be carried forward and used
in the second succeeding tax year. Any tax credit not used in the
second succeeding tax year may be carried forward and used in the
third succeeding tax year, but may not be carried forward for any
tax year thereafter.'.
  On page 4, after line 45, insert:
  '  { +  SECTION 9. + }  { + ORS 315.271 and 458.690 are
repealed on January 2, 2016. + }
  '  { +  SECTION 10. + } ORS 458.700 is amended to read:
  ' 458.700. (1) Subject to Housing and Community Services
Department rules, a fiduciary organization has sole authority
over, and responsibility for, the administration of individual
development accounts. The responsibility of the fiduciary
organization extends to all aspects of the account program,
including marketing to participants, soliciting matching
contributions, counseling account holders, providing financial
literacy education, and conducting required verification and
compliances activities. The fiduciary organization may establish
program provisions as the organization believes necessary to
ensure account holder compliance with the provisions of ORS
458.680 and 458.685. Notwithstanding ORS 458.670 (5) and 458.680
(2), a fiduciary organization may establish income and net worth
limitations for account holders that are lower than the income
and net worth limitations established by ORS 458.670 (5) and
458.680 (2).
  ' (2) A fiduciary organization may act in partnership with
other entities, including businesses, government agencies,
nonprofit organizations, community development corporations,
community action programs, housing authorities and congregations
to assist in the fulfillment of fiduciary organization
responsibilities under this section and ORS 458.685  { - ,
458.690 - }  and 458.695.
  ' (3) A fiduciary organization may use a reasonable portion of
moneys allocated to the individual development account program
for administration, operation and evaluation purposes.
  ' (4) A fiduciary organization selected to administer moneys
directed by the state to individual development account purposes
or receiving tax deductible contributions shall provide the
Housing and Community Services Department with an annual report
of the fiduciary organization's individual development account
program activity. The report shall be filed no later than 90 days
after the end of the fiscal year of the fiduciary organization.
The report shall include, but is not limited to:
  ' (a) The number of individual development accounts
administered by the fiduciary organization;
  ' (b) The amount of deposits and matching deposits for each
account;
  ' (c) The purpose of each account;
  ' (d) The number of withdrawals made; and
  ' (e) Any other information the department may require for the
purpose of making a return on investment analysis.
  ' (5) A fiduciary organization that is the account owner of a
college savings network account:
  ' (a) May make a qualified withdrawal only at the direction of
the designated beneficiary and only after the college savings
network account of the account holder that was established for
the designated beneficiary has been reduced to a balance of zero
exclusively through qualified withdrawals by the designated
beneficiary; and
  ' (b) May make nonqualified withdrawals only if the college
savings network account of the account holder that was
established for the designated beneficiary has a balance of less
than $100 or if the account holder or designated beneficiary has
granted permission to make the withdrawal. Moneys received by a
fiduciary organization from a nonqualified withdrawal made under
this paragraph must be used for individual development account
purposes.
  ' (6) The department may make all reasonable and necessary
rules to ensure fiduciary organization compliance with this
section and ORS 458.685  { - , 458.690 - }  and 458.695.
  '  { +  SECTION 11. + }  { + The amendments to ORS 458.700 by
section 10 of this 2007 Act become operative on January 2,
2016. + } ' .
  On page 5, line 1, delete '9' and insert '12'.
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