2021 Oregon Lender's Tax Credit Instructions
This document provides detailed instructions for lenders in Oregon to claim tax credits for low-interest loans made for energy conservation measures and affordable housing projects. It includes eligibility criteria, interest rate regulations, and documentation requirements. Ensure compliance with Oregon Revised Statutes and Administrative Rules to claim your credits.
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How do I fill this out?
To complete this form, you'll need to provide detailed information about the types of loans you've issued for energy conservation measures and affordable housing. Make sure you have all the necessary documentation and certifications as specified. Follow the steps in the detailed instructions below to ensure accuracy and compliance.
How to fill out the 2021 Oregon Lender's Tax Credit Instructions?
1
Collect all necessary documents and certifications.
2
Identify the type of loan you issued.
3
Calculate the credit amount according to the provided guidelines.
4
Fill in the required information in the appropriate sections of the form.
5
Review and submit the completed form along with the required documentation.
Who needs the 2021 Oregon Lender's Tax Credit Instructions?
1
Banks that have issued low-interest loans for energy conservation measures.
2
Mortgage banking companies looking to claim tax credits for affordable housing loans.
3
Trust companies that offer loans to communities for rehabilitation projects.
4
Savings banks that provide financing for energy-efficient home improvements.
5
Loan associations involved in affordable housing projects requiring certification.
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What are the instructions for submitting this form?
Submit the completed form along with the required documentation to the Oregon Department of Revenue. You can email the documents to questions.dor@dor.oregon.gov, fax them to 503-945-8738, or mail them to the following address: Oregon Department of Revenue, PO Box 14700, Salem, OR 97309-0930. Ensure all signatures are included and retain copies of all submitted materials for your records. For more information, visit the official website at www.oregon.gov/dor.
What are the important dates for this form in 2024 and 2025?
Key dates for this form in the upcoming years are January 1, 2024, for the opening of the tax year and January 1, 2026, for the deadline to claim credits for affordable housing loans.
What is the purpose of this form?
The purpose of the 2021 Oregon Lender's Tax Credit Instructions form is to enable lenders to claim tax credits for low-interest loans made for specific energy conservation measures and affordable housing projects. These credits are designed to incentivize lenders to provide financial support for projects that improve energy efficiency in dwellings and offer affordable housing solutions to underserved communities. The form ensures compliance with Oregon Revised Statutes and Administrative Rules, providing a standard process for lenders to follow. By claiming these credits, lenders can reduce their tax liabilities, thereby supporting financially viable lending practices focused on sustainability and community development.
Tell me about this form and its components and fields line-by-line.
- 1. Lender's Information: Include the lender's name, address, and federal identification number.
- 2. Loan Information: Provide details about each qualifying loan, including borrower information, loan amount, interest rate, and purpose.
- 3. Energy Conservation Certification: Attach the energy audit and space heat certification if claiming credits for energy conservation measures.
- 4. Affordable Housing Certification: Include the certificate issued by HCSD or a local government entity for affordable housing projects.
- 5. Credit Calculation: Calculate the credit amount based on provided guidelines and enter the figures in the specified fields.
What happens if I fail to submit this form?
Failure to submit this form could result in the inability to claim valuable tax credits, leading to missed financial benefits for lenders.
- Lost Tax Credits: Lenders will miss out on eligible tax credits for qualifying loans.
- Non-Compliance: Failure to comply with state requirements could lead to potential audits or penalties.
- Financial Loss: Missing out on these credits can result in significant financial losses, reducing profitability for lenders.
How do I know when to use this form?
- 1. Energy Conservation Loans: Apply for credits on loans made for energy efficiency improvements in dwellings.
- 2. Affordable Housing Projects: Claim credits for loans issued for the construction or rehabilitation of affordable housing units.
- 3. Community Rehabilitation Programs: Submit for loans provided to individuals participating in certified community rehabilitation programs.
- 4. Manufactured Dwelling Parks: Use for loans financing the development or acquisition of manufactured dwelling parks.
- 5. Preservation Projects: Claim credits for loans aimed at preserving housing with existing rent assistance contracts.
Frequently Asked Question
How do I fill out the 2021 Oregon Lender’s Tax Credit Instructions form?
Use PrintFriendly’s PDF editor to enter required details, attach necessary documentation, and ensure accuracy before saving.
What types of loans qualify for the tax credit?
Loans for energy conservation measures and affordable housing projects qualify, subject to specific criteria outlined in the form.
How do I calculate the amount of credit?
Follow the provided guidelines for each qualifying loan type to calculate the credit based on interest rates and loan terms.
Where can I find the necessary certifications and documentation?
Certifications can be obtained from HCSD, local government entities, or designated agents as specified in the form instructions.
What if the credit exceeds my tax liability?
Credits can be carried forward for up to 15 years for energy conservation measures and 5 years for affordable housing projects.
How do I submit the completed form?
Submit the form along with required documentation to the Oregon Department of Revenue, using provided email, fax, or physical addresses.
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How can I share the completed form with others?
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What support is available if I have questions?
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