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2025 Oregon Revised Statutes
Volume : 13 - Housing, Games, Environment
Chapter 458 - Housing and Community Services Programs; Individual Development Accounts
Section 458.690 - Required account features.

Universal Citation:
OR Rev Stat § 458.690 (2025)
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(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.

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