Or. Admin. R. 150-317-0270

Current through Register Vol. 63, No. 6, June 1, 2024

Section 150-317-0270 - Credit for Contributions of Computers, Scientific Equipment, and Research

(1) In General. Charitable contributions of tangible personal property shall not be eligible for the credit if the donee educational institution does not use the property primarily for the education of students in Oregon. The requirement that the property be used primarily for the education of students in Oregon is met if the donee provides the donor (taxpayer) with a written statement that the property's use is in accordance with this requirement. Such written statement shall be made available to the department upon request. For purposes of this rule "primarily" means at least 80 percent.

(2) Substantiation of Fair Market Value.

(a) When the taxpayer files its Oregon return claiming a credit under this section, a schedule shall be attached to the Oregon return listing the following information:

(A) The name and address of the donee;

(B) A description of the property contributed;

(C) The date or dates of the donation;

(D) The fair market value of the donation.

(b) Upon audit, the taxpayer may be required to provide the same substantiation of fair market value that would be necessary for a charitable contribution deduction allowable under Internal Revenue Code Section 170.

(3) Effective Date.

(a) The credit for qualified charitable contributions of tangible personal property or maintenance agreements is effective for contributions made in tax years beginning on or after January 1, 1986, and prior to January 1, 2004.

(b) The credit for qualified charitable contributions of monies made under a contract or agreement for scientific or engineering research is effective for contributions of monies made under a contract or agreement entered into in taxable years beginning on or after January 1, 1986, and prior to January 1, 2004. If the contract or agreement was entered into in a taxable year beginning prior to January 1, 2004, but the monies aren't contributed until a taxable year beginning on or after January 1, 2004, the credit shall be allowed for the taxable year the monies are contributed to the qualifying educational institution.

(4) Carryover. Credits otherwise allowable for tax years beginning on or after January 1, 1993, which are not used by the taxpayer in a particular year may be carried forward for up to five years.

Or. Admin. R. 150-317-0270

10-7-85, 12-31-85; 12-31-87; 12-31-89, Renumbered from 150-317.102(NOTE) to 150-317.102(Note)-(B); RD 7-1989, f. 12-18-89, cert. ef. 12-31-89; RD 7-1991, f. 12-30-91, cert. ef. 12-31-91, Renumbered from 150-317.102(Note)-(B); RD 4-1997, f. 9-12-97, cert. ef. 12-31-97; Renumbered from 150-317.151, REV 68-2016, f. 8-15-16, cert. ef. 9/1/2016

Stat. Auth.: ORS 305.100

Stats. Implemented: ORS 317.151