(1) An individual taxpayer shall be allowed a credit against the taxes that are otherwise due under ORS chapter 316 if, during the tax year: (a) The taxpayer purchased a primary residence; (b) All or a part of the usual and reasonable settlement, financing or other closing costs for the purchase were funded from a withdrawal from an individual development account in which the taxpayer is the account holder; and (c) An approved purpose of the account is the purpose described in ORS 458.685 (1)(d). (2) The amount of the tax credit shall be the least of: (a) The amount of the withdrawal from the individual development account that is for the purpose described in ORS 458.685 (1)(d); (b) The amount of usual and reasonable settlement, financing and other closing costs incurred in the purchase of the primary residence; (c) $2,000; or (d) The tax liability of the taxpayer. (3) A tax credit allowed under this section that is unused may not be carried forward to a succeeding tax year. (4) A tax credit under this section may be claimed by a nonresident or a part-year resident without proration. (5) The definitions in ORS 458.670 apply to this section. Note: Section 49, chapter 913, Oregon Laws 2009, provides: Sec. 49. A credit may not be claimed under ORS 315.272 for tax years beginning on or after January 1, 2016.
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