Oregon Code § 458.690·Enacted ·Last updated March 01, 2026
Statute Text
Required account features.
(1) A fiduciary organization selected under ORS 458.695 may qualify as the
recipient of account contributions that qualify the contributor for a tax
credit under ORS 315.271 only if the fiduciary organization matches amounts
deposited by the account holder according to a formula established by the
fiduciary organization of not less than $1 nor more than $5 for each $1
deposited by the account holder. The matching funds must be deposited into a
designated account that is controlled by the fiduciary organization and is
separate from the savings account of the account holder.
(2) A fiduciary
organization shall maintain on deposit sufficient funds to cover the matching
deposit agreements for all individual development accounts managed by the
organization.
(3) The maximum
total amount of state-directed moneys that may be accrued as matching funds in
an individual development account is $20,000.
(4) The Housing
and Community Services Department shall provide information to the Department
of Revenue about all individual development account contributors that are
qualified for a tax credit under ORS 315.271, if required by ORS 315.058. [1999
c.1000 §5; 2001 c.648 §5; 2003 c.280 §19; 2007 c.765 §5; 2015 c.843 §21; 2019
c.483 §24; 2021 c.525 §12; 2025 c.48 §1]
Note:
Section 9 (1), chapter 765, Oregon
Laws 2007, provides:
Sec. 9.
(1) A credit may not be claimed
under ORS 315.271 and 458.690 for tax years beginning on or after January 1,
2030. [2007 c.765 §9; 2015 c.701 §7; 2021 c.525 §7(1); 2023 c.490 §16(1); 2025
c.434 §4(1); 2025 c.562 §18(1)]
Note:
See note under 458.670.