Oregon Statutes 316.848 – Individual development accounts
(1) In addition to the other modifications to federal taxable income contained in this chapter, there shall be subtracted from federal taxable income the amount of taxpayer deposits to an individual development account established by the taxpayer under ORS § 458.685.
Terms Used In Oregon Statutes 316.848
- Fiduciary: A trustee, executor, or administrator.
- Individual: means a natural person, including aliens and minors. See Oregon Statutes 316.022
- Taxable income: means the taxable income as defined in subsection (a) or (b), section 63 of the Internal Revenue Code, with such additions, subtractions and adjustments as are prescribed by this chapter. See Oregon Statutes 316.022
- Taxpayer: means any natural person, estate, trust, or beneficiary whose income is in whole or in part subject to the taxes imposed by this chapter, or any employer required by this chapter to withhold personal income taxes from the compensation of employees for remittance to the state. See Oregon Statutes 316.022
(2) Matching deposits made by a fiduciary organization to an individual development account, and interest accruing on account holder deposits and matching deposits, are exempt from taxation until withdrawn by the taxpayer.
(3) Moneys withdrawn by the taxpayer from an individual development account for an approved purpose, as described under ORS § 458.685, are exempt from taxation under this chapter. A withdrawal by a taxpayer for a purpose other than an approved purpose is taxable under this chapter. [1999 c.1000 § 10]
[Formerly 316.145; repealed by 1993 c.475 § 3]