74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
HA to HB 2363
 
LC 693/HB 2363-5
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2363
 
                     By COMMITTEE ON REVENUE
 
                             June 25
 
  In line 2 of the printed bill, after 'amending' insert ' ORS
315.274 and'.
  In line 8, after '2007' insert ', and before January 1, 2015'.
  After line 8, insert:
  '  { +  SECTION 2. + } ORS 315.274 is amended to read:
  ' 315.274. (1) For purposes of this section, 'qualified
adoption expenses' has the meaning given that term in section 23
of the Internal Revenue Code.
  ' (2) A taxpayer shall be allowed a credit against the taxes
otherwise due under ORS chapter 316 in an amount determined under
subsection (3) of this section for qualified adoption expenses
paid or incurred by the taxpayer during the tax year { + , if the
taxpayer's federal adjusted gross income does not exceed $60,000
for the tax year + }.
  ' (3) The amount of the credit allowed under this section shall
be equal to the lesser of:
  ' (a) The qualified adoption expenses paid or incurred by the
taxpayer during the tax year less the credit allowed to the
taxpayer under section 23 of the Internal Revenue Code;
  ' (b) $1,500; or
  ' (c) The credit allowed to the taxpayer for qualified adoption
expenses under section 23 of the Internal Revenue Code.
  ' (4) In the case of a credit allowed under this section:
  ' (a) A nonresident shall be allowed the credit under this
section in the proportion provided in ORS 316.117.
  ' (b) 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.
  ' (c) 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 under this section shall be prorated or computed
in a manner consistent with ORS 314.085.
  ' (5) Any tax credit otherwise allowable under this section
that is not used by the taxpayer in a particular tax year may be
carried forward and offset against the taxpayer's tax liability
for the next succeeding tax year. Any credit remaining unused in
such next succeeding tax year may be carried forward and used in
the second succeeding tax year, and likewise any credit not used
in that second succeeding tax year may be carried forward and
used in the third succeeding tax year, and any credit not used in
that third succeeding tax year may be carried forward and used in
the fourth succeeding tax year, but may not be carried forward
for any tax year thereafter.'.
  In line 9, delete '2' and insert '3'.
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