(2) The total amount of the credit allowed to a taxpayer shall equal 60 percent of the contribution amount stated on the tax credit certificate, but may not exceed $600,000.

(3) The credit allowed under this section in any one tax year may not exceed the tax liability of the taxpayer for the tax year.

(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 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, but may not be carried forward for any tax year thereafter.

(5) In the case of a credit allowed under this section for purposes of ORS chapter 316:

(a) A nonresident shall be allowed the credit in the same manner and subject to the same limitations as a resident. However, the credit shall be prorated using the proportion provided in ORS 316.117.

(b) If a change in the tax year of a taxpayer occurs as described in ORS 314.085 or if the Department of Revenue terminates the taxpayer’s tax year under ORS 314.440, the credit shall be prorated or computed in a manner consistent with ORS 314.085.

(c) If a change in the status of a taxpayer from resident to nonresident or from nonresident to resident occurs, the credit shall be determined in a manner consistent with ORS 316.117.

(6) A taxpayer claiming a credit under this section shall add to federal taxable income for Oregon tax purposes any amount that is deducted for federal tax purposes and that also serves as the basis for the credit allowed under this section.

(7) All universities that issue tax credit certificates under this section shall provide information to the Department of Revenue about all taxpayers that are eligible for a tax credit under this section, if required by ORS 315.058. [Formerly 315.521]

Note: Section 27, chapter 913, Oregon Laws 2009, provides:

Sec. 27. A credit may not be claimed under ORS 315.521 [renumbered 315.640] if the initial tax year in which the credit would otherwise be allowed begins on or after January 1, 2022. [2009 c.913 §27; 2013 c.750 §43; 2016 c.31 §1]