Title 29, Revenue and Taxation

This chapter may be cited as the Corporation Excise Tax Law. [Amended by 2005 c.94 §83]

As used in this chapter, unless the context requires otherwise: (1) “Centrally assessed corporation” means every corporation the property of which is assessed by the Department of Revenue under ORS 308.505 to 308.674. (2) “Department” means the Department of Revenue. (3)(a) “Cons…

(1) Those portions of the Internal Revenue Code, and any other laws of the United States pertaining to the determination of taxable income of corporate taxpayers, are adopted by reference as a part of this chapter. Those portions of the Internal Revenue Code and other laws of the…

It is the intent of the Legislative Assembly: (1) To make the Oregon corporate excise tax law, insofar as it relates to the measurement of taxable income, identical to the provisions of the federal Internal Revenue Code, as in effect and applicable for the tax year of the taxpaye…

The Payment-in-kind Tax Treatment Act of 1983 (P.L. 98-4, as amended by section 1061 of P.L. 98-369) shall apply in deriving Oregon taxable income under this chapter, notwithstanding that the Act is not part of the Internal Revenue Code. [1985 c.802 §44]

The omission from the Oregon Revised Statutes of those statutes which were part of Acts amending the statutes that constitute the source of this chapter and which provided savings clauses for the statutes amended, is not intended as a repeal of them. Such statutes shall, in so fa…

Nothing in this chapter shall be construed to repeal the present capital stock tax or annual corporation license fee otherwise provided for by law.

In the event of repeal of this chapter, unless otherwise specifically provided in the repeal, this chapter shall remain in full force for the assessment, imposition and collection of the tax and all interest, penalty or forfeitures which have accrued or may accrue in relation to …

(1) Nothing contained in this chapter shall be construed to require a corporation to include an item of income, or to permit a corporation to deduct an expense item, more than once in computing Oregon taxable income. (2) The changes to the corporate excise and income tax laws by …

The rate of the tax imposed by and computed under this chapter is: (1) Six and six-tenths percent of the first $1 million of taxable income, or fraction thereof; and (2) Seven and six-tenths percent of any amount of taxable income in excess of $1 million. [1975 c.368 §2; 1983 c.1…

(1) As used in this section: (a) “Farming” means: (A) Raising, harvesting and selling crops; (B) Feeding, breeding, managing or selling livestock, poultry, fur-bearing animals or honeybees or the produce thereof; (C) Dairying and selling dairy products; (D) Stabling or training e…

(1) A tax is hereby imposed for each taxable year on the homeowners association taxable income of every homeowners association at the rate provided in ORS 317.061 and as though the homeowners association were a corporation. (2) As used in this section, “homeowners association” ha…

Every centrally assessed corporation, the property of which is assessed by the Department of Revenue under ORS 308.505 to 308.674, and every mercantile, manufacturing and business corporation and every financial institution doing business within this state, except as provided in …

The following corporations are exempt from the taxes imposed by this chapter: (1) Organizations described in subsection (c) and subsection (j) of section 501 of the Internal Revenue Code unless the exemption is denied under subsection (h), (i) or (m) of section 501 or under secti…

(1) As used in this section: (a) “Oregon sales” means: (A) If the corporation apportions income under ORS 314.650 to 314.665 for Oregon tax purposes, the total sales of the taxpayer in this state during the tax year, as determined for purposes of ORS 314.665; (B) If the corporati…

Amounts received by a taxpayer under ORS 90.645 (1) are exempt from the taxes imposed by this chapter. [2007 c.906 §14]

(1) As used in this section: (a) “Annual rate” means the yearly interest rate specified on the note, and not the annual percentage rate, if any, disclosed to the applicant to comply with the federal Truth in Lending Act. (b) “Bonds” means a bond, as defined in ORS 286A.001, if is…

(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, chapt…

(1) A credit against taxes otherwise due under this chapter for the taxable year shall be allowed to a commercial lending institution in an amount equal to the difference between: (a) The amount of finance charge charged during the taxable year including interest on the loan and …

(1) As used in this section: (a) “Facility” has the meaning given that term in ORS 285C.400. (b) “Payroll costs” means the costs of paying employee salary, wages and other remuneration in cash or property, and employee benefit costs, including but not limited to workers’ compensa…

Notwithstanding any other provision of law creating a tax credit against corporate excise or income taxes, a taxpayer claiming a tax credit under ORS 317.124 may not claim any type of tax credit otherwise authorized by law against taxes that are otherwise due under this chapter t…

(1) The Long Term Enterprise Zone Fund is established, separate and distinct from the General Fund. (2) Amounts credited to the Long Term Enterprise Zone Fund are continuously appropriated to the Department of Revenue for the purpose of making the distributions to local taxing di…

Notwithstanding ORS 317.850, corporate income or excise tax payments of a taxpayer allowed a tax credit under ORS 317.124 shall be deposited in the Long Term Enterprise Zone Fund established in ORS 317.127, to the extent those payments do not exceed an amount estimated by the Dep…

(1) For each tax year in which a taxpayer is allowed a credit under ORS 317.124, the Department of Revenue shall distribute to the local taxing districts in which the facility that is the basis of the credit is located an amount of tax payments that corresponds to the amount of p…

(1) As used in this section: (a) “Agriculture workforce housing” has the meaning given that term in ORS 315.163. (b) “Lending institution” means a bank, mortgage banking company, trust company, savings bank, credit union, national banking association, federal savings and loan ass…

(1) A credit is allowed against the taxes otherwise due under this chapter. The amount of the credit shall equal 10 percent of the fair market value of certain qualified charitable contributions, as described in this section. (2) To qualify for the credit allowed under subsection…

In the case of the dissolution of a taxpayer, gains, profits and income are to be returned for the tax year in which they are received by the taxpayer, unless they have been reported at an earlier period in accordance with the approved method of accounting followed by the taxpaye…

In the case of the dissolution of a taxpayer there shall be allowed as deductions for the taxable period in which the taxpayer dissolved, regardless of the fact that the taxpayer may have kept its books and made its returns on the basis of cash receipts and disbursements, amounts…

Federal taxable income, adopted under ORS 317.013 and 317.018, shall be modified as provided by law. Each modification authorized under law shall be allowed only to the extent that the modification is allocated and apportioned to Oregon income, except as otherwise specifically pr…

(1) To derive Oregon taxable income, there shall be added to federal taxable income: (a) Amounts received as dividends from corporations deducted for federal purposes pursuant to section 243 or 245 of the Internal Revenue Code, except section 245(c) of the Internal Revenue Code; …

To derive Oregon taxable income, there shall be subtracted from federal taxable income dividend income with respect to the “gross-up” provisions of section 78 of the Internal Revenue Code. [1983 c.162 §14]

(1) To derive Oregon taxable income, federal taxable income shall be modified to the extent necessary to not recognize for Oregon tax purposes any transaction between the taxpayer and a related domestic international sales corporation. The taxpayer shall be considered to have ent…

(1) To derive Oregon taxable income, federal taxable income shall be modified to the extent necessary to not recognize for Oregon tax purposes any transaction between the taxpayer and a related foreign sales corporation. The taxpayer shall be considered to have entered directly i…

(1) There shall be added to federal taxable income for Oregon tax purposes the difference between the amount allowable as a deduction under section 108 of the Internal Revenue Code as applicable to the tax year of the taxpayer and the amount allowable as a deduction under section…

If a taxpayer has taken a federal credit, which requires as a condition of the use of the federal credit the reduction of a corresponding deduction or basis, and the federal credit is not allowable for Oregon purposes, the taxpayer shall be allowed the deduction or appropriate ad…

There shall be added to federal taxable income the amount taken as a deduction on the taxpayer’s federal return for unused qualified business credits under section 196 of the Internal Revenue Code. [1995 c.556 §16]

There shall be subtracted from federal taxable income the amount by which a corporation must reduce its charitable contribution deduction under section 170(d)(2)(B) of the Internal Revenue Code (relating to carryovers of excess contributions for corporations). [1995 c.556 §17; 19…

(1) To derive Oregon taxable income, there shall be added to federal taxable income the amount of any interest or dividends received during the taxable year from obligations of a state or any political subdivision of a state (including Oregon), exempt from federal taxation under …

(1) To derive Oregon taxable income of a financial institution which has changed from the reserve method of accounting to the specific charge-off method of accounting for federal tax purposes, there shall be subtracted from federal taxable income amounts which the financial insti…

Section 243 of the Tax Reform Act of 1986 (P.L. 99-514) does not apply for purposes of determining taxable income under this chapter. [1987 c.293 §44a; 2005 c.94 §88]

To derive Oregon taxable income, for certain health care service contractors for which federal tax exempt status was denied by section 501(m) of the Internal Revenue Code, and for which all assets owned by the health care service contractor prior to the effective date of the deni…

(1) To derive Oregon taxable income, there shall be added to federal taxable income taxes upon or measured by net income or profits imposed by any foreign country (including withholding taxes upon the payment of dividends arising from sources within such foreign country), this st…

To derive Oregon taxable income: (1) There shall be added to federal taxable income an amount equal to the amount of income which the taxpayer defers under section 607 of the Merchant Marine Act of 1936 -- Capital Construction Fund (46 U.S.C. 1177), as amended, or under section 7…

The amount of any long term care insurance premiums paid or incurred by a taxpayer during the tax year shall be added to taxable income if: (1) The amount is taken into account as a deduction on the taxpayer’s federal return for the tax year; and (2) The taxpayer claims the credi…

(1) If gain is deferred upon the voluntary or involuntary disposition of property in an exchange that qualifies for deferral under section 1031 or 1033 of the Internal Revenue Code, and the property acquired in the exchange has a situs outside of this state, upon the sale or othe…

A corporation shall have the same basis for state excise or income tax purposes as for federal income tax purposes for assets: (1) If the corporation engages in a qualified stock purchase on or after August 31, 1982, and elects (or is treated as having elected) section 338 of the…

There shall be added to federal taxable income the amount of any net operating loss carryback or carryover allowed in arriving at federal taxable income. [1983 c.162 §24; 1984 c.1 §11]

(1) As used in this section, “eligible taxpayer” means a taxpayer primarily doing business in 2017 North American Industry Classification System code 111, crop production, or code 112, animal production and aquaculture. (2) After making the addition required under ORS 317.344, an…

To derive Oregon taxable income, federal taxable income shall be modified to the extent necessary to not treat as a lease purchase or in any other way recognize for Oregon tax purposes a transaction entered into pursuant to section 168(f) (8) of the Internal Revenue Code as that …

Notwithstanding ORS 317.349, finance leases as described in section 168(f)(8) of the Internal Revenue Code, as that section was amended and in effect for purposes of ORS 317.349, shall be accorded the same treatment for Oregon tax purposes as they are for federal tax purposes. [1…