Title 29, Revenue and Taxation

(1) An individual need not file a declaration of estimated tax required by ORS 316.563 (1), if: (a) The estimated gross income of the individual from farming or fishing, including oyster farming, for the taxable year is at least two-thirds of the total estimated gross income from…

Except as provided in ORS 316.573, declarations of estimated tax required by ORS 316.563 (1) from individuals who are neither farmers nor fishermen for the purpose of that section shall be filed on or before April 18 of the taxable year or the due date of the return for the prior…

(1) An individual required to make a declaration of estimated tax under ORS 316.563 shall pay the estimated tax as provided in subsections (2) to (6) of this section. (2) If the declaration is filed on or before April 18 of the taxable year, the estimated tax shall be paid in fou…

(1) Payment of the estimated income tax or any installment shall be considered payment on account of the income taxes imposed by this chapter for the taxable year. (2) If there is an overpayment of income tax for a taxable year, the taxpayer may elect on a timely filed return for…

(1) Except as provided in subsection (5) of this section, if an individual makes an underpayment of estimated tax, interest shall accrue at the rate established under ORS 305.220 on the amount underpaid for the period the estimated tax or any installment remains unpaid. The penal…

(1) Interest accruing under ORS 316.587 shall not be imposed for any taxable year if the tax shown on the return for the taxable year (or, if no return is filed, the tax), minus the sum of any credits allowable for purposes of this chapter, including the credit allowable under OR…

(1) The application of ORS 316.557 to 316.589 to taxable years of less than 12 months shall be in accordance with rules adopted by the Department of Revenue. (2) In the application of ORS 316.557 to 316.589 to a taxable year beginning on any date other than January 1 there shall …

(1) There shall be subtracted from federal taxable income: (a) The interest or dividends on obligations of the United States and its territories and possessions or of any authority, commission or instrumentality of the United States to the extent includable in gross income for fe…

ORS 316.680 (1)(a) shall apply to the interest or dividends described under ORS 316.680 (1)(a) to the extent such interest or dividends are includable in arriving at federal taxable income as distributions from plans to benefit the self-employed or from individual retirement acco…

(1) A regulated investment company, or a pool of assets managed by a fiduciary, including a financial institution, shall be qualified to pay state exempt-interest dividends, as defined in subsection (2) of this section, to its shareholders or beneficiaries. (2) The term “state ex…

(1)(a) The federal income tax deduction provided by ORS 316.680 shall be as reported on the taxpayer’s original return and shall be computed on the accrual method of accounting. Any adjustments to the federal income tax deduction now or hereafter required by Oregon law, including…

There shall be added to federal taxable income of a parent who makes an election under section 1(g)(7)(B) of the Internal Revenue Code any amount in excess of the standard deduction allowed for a child under ORS 316.695 (8) but not in excess of the amount described in section 1(g…

(1) Subject to subsection (2) of this section, in addition to other modifications provided in this chapter, and if a taxpayer elects to take foreign income taxes imposed for the taxable year by a foreign country as a credit on the federal income tax return or does not itemize per…

(1)(a) In addition to the other modifications to federal taxable income contained in this chapter, there shall be subtracted from federal taxable income the amount paid for medical care of an individual and not compensated for by insurance or otherwise, as described in section 21…

(1) In addition to the modifications to federal taxable income contained in this chapter, there shall be added to or subtracted from federal taxable income: (a) If, in computing federal income tax for a tax year, the taxpayer deducted itemized deductions, as defined in section 63…

There shall be added to or subtracted from federal taxable income, as the case may be, the taxpayer’s share of the fiduciary adjustment determined under ORS 316.287. [Formerly 316.077]

If the amount received as a labor rebate under section 1, chapter 559, Oregon Laws 2005, is included in federal taxable income for federal tax purposes, then the amount shall be subtracted from federal taxable income for purposes of determining Oregon taxable income under this ch…

(1) There shall be subtracted from federal taxable income the amount contributed to: (a) A savings network account for higher education established under ORS 178.300 to 178.360; or (b) An ABLE account established under ORS 178.380 and rules adopted by the Oregon 529 Savings Board…

(1) To the extent that the amount allowed as a deduction under section 168 of the Internal Revenue Code (Accelerated Cost Recovery System) exceeds, or is less than, the amount that would be allowed as a deduction for depreciation for the property under the federal Internal Revenu…

(1) Upon the taxable sale, exchange or disposition of any asset in a tax year beginning on or after January 1, 1983, federal taxable income shall be increased or decreased by an amount which will reflect one or more of the following: (a) The difference in basis which results from…

If a taxpayer has taken a deduction to arrive at federal taxable income for the purpose of having that income taxed in a manner different from the taxation of federal taxable income, the amount which was deducted and specially taxed shall be added to federal taxable income in the…

(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…

(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…

Any amount received as a cash payment for energy conservation measures under ORS 456.594 to 456.599 and 469.631 to 469.687 is exempt from the tax imposed under this chapter. [Formerly 316.069; 1985 c.802 §16]

(1) Except as provided in subsection (2) of this section, in addition to any other modification to federal taxable income under this chapter there shall be added to federal taxable income the amount of any charitable contribution that: (a) Is allowed as a deduction for federal ta…

(1) In addition to the other modifications to federal taxable income contained in this chapter, there shall be subtracted from federal taxable income the amount of any dividend received by the taxpayer on or after January 1, 2013, from a domestic international sales corporation f…

For purposes of ORS 316.752 to 316.771: (1) A person has a “severe disability” if the person: (a) Has lost the use of one or more lower extremities; (b) Has lost the use of both hands; (c) Is disabled as that term is defined in section 72(m)(7) of the Internal Revenue Code, to a …

(1) In addition to the personal exemption credit allowed by this chapter for state personal income tax purposes, there shall be allowed an additional personal exemption credit for the taxpayer if the taxpayer: (a) Has a severe disability at the close of the taxable year; and (b) …

(1) An additional personal exemption credit in the same amount as allowed under ORS 316.758 for a taxpayer with a severe disability shall be allowed for the spouse of the taxpayer if a separate return is made by the taxpayer, and if the spouse: (a) Has a severe disability; (b) Ha…

Each person qualifying for the additional personal exemption credit allowed in ORS 316.758 and 316.765 may claim the credit on the personal income tax return. However, the claim shall be substantiated by a letter from a licensed physician describing the nature and extent of the p…

(1) Any income derived from sources within the boundaries of federally recognized Indian country in Oregon by any enrolled member of a federally recognized American Indian tribe residing in federally recognized Indian country in Oregon at the time the income is earned is exempt f…

(1) For each tax year in which a business firm receives an annual certification under ORS 285C.506, the income of the taxpayer apportionable to the certified facility of the business firm shall be exempt from tax under this chapter. (2) The income of a resident taxpayer that is e…

Amounts received as condemnation awards as a result of condemnation by the federal government of Indian tribal lands are exempt from the tax imposed by this chapter. [Formerly 316.050]

Income derived from the exercise of rights of any Indian tribe to fish secured by treaty, Executive order or Act of Congress is exempt from the tax imposed by this chapter if section 7873 of the Internal Revenue Code does not permit a like federal tax to be imposed on such income…

Amounts paid to an eligible individual (persons of Japanese ancestry and Aleut civilian residents of the Pribilof Islands and the Aleutian Islands) under section 1989b-4, Title I, or 1989c-5, Title II, of the Civil Liberties Act of 1988 (P.L. 100-383) shall be treated for purpose…

(1) As used in this section: (a) “Armed Forces of the United States” means all regular and reserve components of the United States Army, Navy, Air Force, Marine Corps, Coast Guard and Space Force and other uniformed services under the orders of the President of the United States.…

Amounts received by a taxpayer under ORS 90.645 (1) are exempt from the taxes imposed by this chapter. [2007 c.906 §12] (First-time Home Buyer Savings Accounts)

As used in ORS 316.796 to 316.808: (1) “Account holder” means an individual who establishes a first-time home buyer savings account. (2) “Allowable closing costs” means disbursements listed in a settlement statement for the purchase of a single family residence by an account hold…

(1) An individual may create a first-time home buyer savings account with a financial institution to be used to pay or reimburse eligible costs related to the purchase of a single family residence by an account holder or qualified beneficiary. (2) An individual may jointly own a …

(1) Subject to ORS 316.800, and in addition to the other modifications to federal taxable income contained in this chapter, there shall be subtracted from federal taxable income the amount of funds contributed by an account holder to the account holder’s first-time home buyer sav…

(1) The limits applicable to a subtraction from federal taxable income and an exemption allowed under ORS 316.798 are: (a) $10,000 if reported on a joint income tax return, or $5,000 for all others, if the federal adjusted gross income of the taxpayer for the tax year is less tha…

(1) There shall be added to federal taxable income the amount of funds a taxpayer withdraws from a first-time home buyer savings account established under ORS 316.797, if: (a) Those funds were used for a purpose other than eligible costs; (b) In this tax year or a previous tax ye…

(1) On or before January 31 of each calendar year, for calendar years beginning before January 1, 2025, a financial institution at which an account holder has created a first-time home buyer savings account shall provide to the account holder a certificate containing the followin…

(1) For each tax year in which a taxpayer claims a subtraction or exemption under ORS 316.798, the taxpayer shall maintain the records described in subsection (2) of this section, and any other records as required by the Department of Revenue under ORS 316.796 to 316.808. (2) A t…

(1) The Department of Revenue may adopt rules to administer ORS 316.796 to 316.808. Rules adopted under this section may not impose administrative, reporting or other obligations or requirements on financial institutions related to first-time home buyer savings accounts. (2) The …

As used in ORS 316.811 to 316.818: (1) “Construction job site” means the specific location of a construction project. (2) “Construction project” means the construction, alteration, repair, improvement, moving or demolition of a structure and appurtenances thereto. (3) “Constructi…