Oregon Other Credits

Article ID: 34474  

Oregon Other Credits


Other credits. You may qualify for other nonrefundable credits listed on this page. Please identify the credit using the numeric code. If you have only one “Other credit,” enter the numeric code on line 39x and the amount on lines 39y and 39. For example, if you’re claiming a $45 residential energy credit, enter “729” on line 39x and “$45” on lines 39y and 39. If you’re claiming more than one “Other credit,” do not enter a code or amount on line 39x or 39y. Instead, check box 39z and include Schedule OR-ASC with your return with the numeric codes and amounts of the credits. Enter the total from Schedule OR-ASC on Form 40, line 39.

  • Child and dependent care carryforward [code 704].

To qualify, your net income tax on last year’s Oregon return must have been zero. Enter the amount of unused credit from a prior year. Do not include prior year child care expenses. The prior year carryforward plus your current year’s credit can’t be more than your Oregon tax liability on Form 40, line 41. You can carry forward any excess credit from line 35 over the next five years. If the carryforward isn’t used within five years, it’s lost.

  • Long-term care insurance premiums [code 716].

You’re allowed a long-term care insurance premiums credit if:

— Your policy was issued in 2000 or later, and

— You, your parents, or your dependents are the policy beneficiaries, and

— You paid premiums for 2013.

The credit for single and joint filers is the smaller of 15 percent of the premiums paid or $500. If you’re married/RDP filing separately, the combined credits on the spouses’/RDPs’ returns can’t be more than the credit they would have been allowed on a joint return.

Any federal benefit due to a federal deduction for the premiums must be reported as an Oregon addition. See page 13.

Employers paying for long-term care insurance for employees may also claim this credit.

  • Oregon Cultural Trust [code 722].

If you donate to an Oregon nonprofit cultural organization during the tax year and you donate a matching amount to the Oregon Cultural Trust, you can claim a tax credit. You can claim a tax credit of up to $500 per taxpayer ($1,000 on a joint return) for the amount you contributed to the Oregon Cultural Trust. Any federal benefit due to a federal deduction must be reported as an Oregon addition. For more information about the Oregon Cultural Trust, go to www.culturaltrust.org.

  • Residential energy [code 729].

You must purchase a qualifying energy efficient appliance or install a solar device or geothermal system. Renters who purchase qualifying equipment or systems may also apply for this credit. For more information, go to the Oregon Department of Energy’s website at www.oregon.gov/ ENERGY, or call 503-378-4040 (Salem) or 1-800-2218035 (toll-free from an Oregon prefix).

• The following credits apply to only a few people and are not explained in this booklet. For more information, go to our website or contact us.

— Agricultural workforce housing [code 712].

— Alternative Fuel Vehicle Fund [code 753].

— Biomass production/collection [code 743].

— Business energy [code 703].

— Business tax credits from flow-through entity [code 736].

— Child Care Fund contributions [code 705].

— Claim of right income repayments [code 706].

— Crop donation carryforward [code 708].

— Diesel engine repower or retrofit [code 734].

— Electronic commerce zone investment [code 710].

— Employer-provided dependent care assistance [code 707].

— Employer scholarship [code 711].

— Energy conservation project [code 750].

— Fish screening devices [code 714].

— IDA donation [code 715].

— IDA withdrawal for home purchase [code 738].

— Loss of use of limbs [code 717].

— Low-income caregiver credit [code 718].

— Mutually taxed gain on the sale of residential property [code 720].

— Oregon Production Investment Fund [code 737].

— Oregon Veterans’ Home physicians [code 747].

— Pollution control facilities [code 724].

— Reforestation of underproductive forestlands carryforward [code 727].

— Renewable energy development contributions [code 749].

— Renewable energy resource equipment manufacturing facility [code 748].

— Reservation enterprise zone [code 728].

— Riparian land carryforward [code 735].

— Rural EMTs [code 742].

— Rural medical practitioners [code 731].

— Transportation projects [code 751].

— University venture fund [code 739].

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Views: 338 Created on: Jun 15, 2013