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83rd OREGON LEGISLATIVE ASSEMBLY--2025 Regular Session
House Bill 2735
Sponsored by Representative RUIZ, Senators WEBER, GORSEK; Senator MEEK (Presession filed.)
SUMMARY
The following summary is not prepared by the sponsors of the measure and is not a part of the body thereof subject
to consideration by the Legislative Assembly. It is an editor’s brief statement of the essential features of the
measure as introduced.The statement includes a measure digest written in compliance with applicable readability
standards.
Digest: The Act removes the annual cap on matching funds for IDA holders and creates a cap
on total matching funds. (Flesch Readability Score: 71.2).
Removes the annual cap on matching funds that an individual development account holder may
accrue. Establishes a cap on total matching funds that the account holder may accrue. Provides for
the modification of the cap to account for effects of inflation.
A BILL FOR AN ACT
Relating to individual development accounts; amending ORS 458.690.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 458.690 is amended to read:
458.690. (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 es-
tablished 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) [Account holders may not accrue more than $6,000 of matching funds under subsection (1) of
this section from state-directed moneys in any 12-month period. A fiduciary organization may designate
a lower amount as a limit on annual matching funds.] 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 Housing and Community Services Department shall adopt rules to establish a maximum
total amount of state-directed moneys that may be deposited as matching funds into an individual de-
velopmentaccount.]
(3)(a) The maximum total amount of state-directed moneys that may be deposited as
matching funds into an individual development account is $20,000, as adjusted under para-
graph (b) of this subsection.
(b) To account for effects of inflation, the Housing and Community Services Department
shall, by rule, annually adjust the dollar amount specified in paragraph (a) of this subsection
based on the Consumer Price Index for All Urban Consumers, West Region (All Items), as
published by the Bureau of Labor Statistics of the United States Department of Labor.
(4) The Housing and Community Services Department shall provide information to the Depart-
ment 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.
NOTE:Matter in boldfaced type in an amended section is new; matter [italic and bracketed] is existing law to be omitted.
New sections are in boldfaced type.
LC 3549 HB2735
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