(1) A fiduciary organization selected under ORS 458.695 may qualify as the recipient of account contributions that qualify the contributor for a tax credit under ORS 315.271 only if the fiduciary organization matches amounts deposited by the account holder according to a formula established by the fiduciary organization of not less than $1 nor more than $5 for each $1 deposited by the account holder. The matching funds must be deposited into a designated account that is controlled by the fiduciary organization and is separate from the savings account of the account holder. (2) A fiduciary organization shall maintain on deposit sufficient funds to cover the matching deposit agreements for all individual development accounts managed by the organization. (3) The maximum total amount of state-directed moneys that may be accrued as matching funds in an individual development account is $20,000. (4) The Housing and Community Services Department shall provide information to the Department of Revenue about all individual development account contributors that are qualified for a tax credit under ORS 315.271, if required by ORS 315.058. Note: Section 9 (1), chapter 765, Oregon Laws 2007, provides: Sec. 9. (1) A credit may not be claimed under ORS 315.271 and 458.690 for tax years beginning on or after January 1, 2030. Note: See note under 458.670.
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