Oregon Code § 315.595·Enacted ·Last updated March 01, 2026
Statute Text
Preliminary certification; application; allocation priority; rules.
(1) Prior to construction of a
short line railroad rehabilitation project, a taxpayer may apply to the
Department of Transportation for preliminary certification of the project in
the manner prescribed by rules adopted under this section, which must include:
(a) Timelines and
deadlines for submission of application materials;
(b) A description
of the information required by the department to determine that the taxpayer
qualifies for the credit allowed under ORS 315.593;
(c) Criteria for
determining the amount of the tax credit allowed under ORS 315.593, including
standards for what constitutes completion of a short line railroad
rehabilitation project;
(d) The process
by which an applicant will be notified of an incomplete application and the
time allowed for the applicant to provide the missing information; and
(e) The month and
date by which the department must notify an applicant of the preliminary
certification decision and the potential amount of the tax credit for which the
applicant has received preliminary certification.
(2)(a) If the
total amount of potential tax credits allowed under ORS 315.593 for all
taxpayers that have applied for preliminary certification would exceed the
limit in ORS 315.603, the department shall allocate the tax credits allowed
under ORS 315.593 so that no railroad is allowed more than $400,000 for any tax
year.
(b) After
applying the limitation in paragraph (a) of this subsection, if the total
amount of potential tax credits allowed under ORS 315.593 for all taxpayers
that have applied for preliminary certification exceeds the limit in ORS
315.603, the department shall allocate the available amount among taxpayers
proportionally, based on the amount each taxpayer would have otherwise received
under ORS 315.593. [2019 c.579 §9; 2021 c.528 §26; 2023 c.545 §3]