Oregon Code § 317.111·Enacted ·Last updated March 01, 2026
Statute Text
Weatherization loan interest; commercial lending institutions.
(1) A credit against taxes
otherwise due under this chapter for the taxable year shall be allowed
commercial lending institutions in an amount equal to the difference between:
(a) The maximum
amount of interest allowed to be charged during the taxable year under section
6b, chapter 887, Oregon Laws 1977, for loans made before November 1, 1981, by
the lending institution to space-heating customers for the purpose of financing
weatherization services; and
(b) The amount of
interest which would have been charged during the taxable year by the lending
institution for such loans at an annual interest rate which is the lesser of
the following:
(A) The average
interest rate charged by the commercial lending institution for home
improvement loans made during the calendar year immediately preceding the year
in which the loans for weatherization services are made; or
(B) Twelve
percent.
(2) Any tax
credit otherwise allowable under this section which is not used by the taxpayer
in a particular year may be carried forward and used in each of the 15 years
following the unused tax credit year. However, the entire amount of the unused
credit for an unused credit year shall be carried forward to the earliest of
the 15 years to which it may be carried.
(3) No credit
shall be allowed under this section for loans made on or after November 1,
1981. [Formerly 317.071; 1985 c.712 §1]