Form 150-102-125 - Lender'S Credit - Oregon Department Of Revenue Page 3
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3What happens if the credit exceeds the tax?
Oregon Occupational Safety and Health Division before
occupancy.
Credits. For tax years beginning on or after January 1, 2001
—If required, is registered with the Bureau of Labor and
a taxpayer claiming a credit against tax must claim the full
Industries.
amount of any credit that is allowed for the tax year, to the
extent of the tax liability.
—If required, is operated by a person who holds a valid
e ndorsement as a farmworker camp operator.
Note: Credits cannot be used to offset the minimum excise tax.
• If the loan has a term longer than ten years, the credit shall be
Energy conservation measures. Tax credits for loans made on
allowed only for the tax year in which the loan is made and
or after September 29, 1991 are not refundable but are eligible
the nine tax years immediately following.
for a 15-year carryforward.
• For farmworker housing projects completed on or after Janu-
Affordable housing. The excess credit allowed within the 4
ary 1, 2002 nonprofit lenders with no tax liability may sell the
percent limitation can be carried forward for up to five years.
credit to other taxpayers. See OAR 150-317.147 for additional
Unused credits from tax years starting before January 1, 1995,
information.
may be carried forward 5 years.
What interest rate can be charged
Farmworker housing. The credit is limited to your tax liability.
on a qualified loan?
The excess credit from one year can’t be claimed in any other
tax year.
Energy conservation measures. The interest rate can’t exceed
What evidence must the lender keep
6.5 percent annually.
on file to verify the claimed credit?
Affordable housing. The interest rate charged must be less
than the market rate for a similar nonqualifying loan made at
Energy conservation measures. The lender must retain a copy
the same time under like terms and conditions as the qualify-
of the loan application and a copy of the energy audit and space
ing loan.
heat certification.
Farmworker housing. The interest rate can’t exceed 13.5 percent
Affordable housing. The lender must retain a copy of the loan
annually.
application and a copy of the certificate issued by HCSD, a local
government entity, or its designated agent.
How is the amount of credit computed?
In addition, for all qualifying loans, the lender must prepare
Energy conservation measures. The credit is the difference
and retain a list of all loans made (by type) and show each bor-
between the interest charged at 6.5 percent on qualifying loans
rower’s name, address, and Social Security number or federal
and the interest that would have been charged calculated as
identification number (provided the borrower has signed an
follows: For each qualifying loan, use the lesser of the interest
authorization to disclose this information) and the amount and
rate set by ODOE prior to making the loan or the interest rate
date of the loan. If the borrower has not signed a disclosure
charged on nonqualifying loans made at the same time.
authorization, then the loan number should be entered in lieu
Note: For loans made after September 27, 1987 interest charged
of name, address, and Social Security number or federal iden-
on any loan fee included in the body of the loan must be in-
tification number.
cluded in computing the credit.
Farmworker housing. The lender must retain a copy of the loan
Affordable housing. The credit is the difference between the
application and a copy of the certificate of compliance from the
finance charge (including the loan fee) for the loan and the
Oregon Occupational Safety and Health Division. For loans made
market rate finance charge that would have been charged by
in tax years beginning on or after January 1, 1996 the lender must
the lender on similar nonqualifying loans made at the same time
include a copy of the certification from the borrower in the first
under like terms and conditions. The difference is limited to 4
year a lender’s credit is claimed.
percent of the average unpaid balance of the loan during the
Have questions? Need help?
tax year for which the credit is claimed.
E-mail . ............................................... c orp.help.dor @ s tate.or.us
Farmworker housing. The credit is equal to 30 percent of inter-
This e-mail address is not secure and confidentiality cannot be ensured.
est income earned, if the loan was made in tax years beginning
General tax and policy questions only.
on or after January 1, 1996 and the farmworker housing project
was completed before January 1, 2002. The credit is equal to 50
General tax information . ...................... w ww.oregon.gov/dor
percent of the interest actually received, if the loan was made in
Salem . .................................................................503-378-4988
tax years beginning before January 1, 1996 or if the farmworker
Toll-free from Oregon prefix.......................... 1-800-356-4222
housing project was completed on or after January 1, 2002.
Asistencia en español:
When can the credit be claimed?
En Salem o fuera de Oregon . ..........................503-378-4988
Energy conservation measures. Taxable years and loans made
Gratis de prefijo de Oregon ........................ 1-800-356-4222
beginning on or after January 1, 1982 and before January 1, 2012.
TTY (hearing or speech impaired; machine only):
Affordable housing. Taxable years and loans made beginning
Salem area or outside Oregon ........................503-945-8617
on or after January 1, 1990 and before January 1, 2020.
Toll-free from Oregon prefix . ...................... 1-800-886-7204
Americans with Disabilities Act (ADA): Call one of the help
Farmworker housing. Taxable years beginning on or after Janu-
numbers for information in alternative formats.
ary 1, 1990 for loans made on or after that date.
3
150-102-125 (Rev. 10-12)
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