US Laws, Codes, Statutes & Cases

Chapter 317 — Corporation Excise Tax

 

2007 EDITION

 

CORPORATION EXCISE TAX

 

REVENUE AND TAXATION

 

GENERAL PROVISIONS

 

317.005     Short title

 

317.010     Definitions

 

317.013     Adoption of parts of Internal Revenue Code and application of federal laws and regulations

 

317.018     Statement of purpose

 

317.019     Application of Payment-in-kind Tax Treatment Act of 1983

 

317.025     Omission of previously enacted savings clauses from Oregon Revised Statutes

 

317.030     Effect of chapter

 

317.035     Effect of subsequent repeal of chapter

 

317.038     Computation of Oregon taxable history

 

IMPOSITION OF TAX

 

317.056     Financial corporations; applicable taxes

 

317.057     Exemption of certain out-of-state financial institutions from tax; exception

 

317.061     Tax rate

 

317.063     Tax rate imposed on certain long-term capital gain from farming; requirements

 

317.067     Tax on homeowners association income

 

317.070     Tax on centrally assessed, mercantile, manufacturing and business corporations

 

317.080     Exempt corporations

 

317.090     Minimum tax

 

317.092     Exemption of payments to tenant of manufactured dwelling park upon termination of rental agreement

 

CREDITS

 

(Generally)

 

317.097     Lending institution loans for housing

 

317.111     Weatherization loan interest; commercial lending institutions

 

317.112     Energy conservation loans to residential fuel oil customers or wood heating residents; rules

 

317.115     Alternative fuel vehicle fueling stations

 

317.122     Insurers; amounts paid for certain taxes and assessments

 

(Temporary provisions relating to mile-based or time-based motor vehicle insurance are compiled as notes following ORS 317.122)

 

(Long Term Enterprise Zones)

 

317.124     Long term enterprise zone facilities

 

317.125     Other tax credits limited; exception

 

317.127     Long Term Enterprise Zone Fund

 

317.129     Tax payments of long term enterprise zone facilities credit claimants

 

317.131     Distribution of funds to local governments

 

(Farmworker Housing)

 

317.147     Farmworker housing loans; credit transfers; rules

 

(Education and Research)

 

317.151     Contributions of computers or scientific equipment for research to educational organizations

 

317.152     Qualified research activities credit

 

317.153     Qualified research activities; election between credits; rules

 

317.154     Alternative qualified research activities credit

 

DISSOLUTION OF TAXPAYER

 

317.190     Effect on reporting income

 

317.195     Effect on deductions allowed

 

MODIFICATIONS TO TAXABLE INCOME

 

317.259     Modifications generally

 

317.267     Dividends received by corporation from certain other corporations

 

317.273     Dividend income received by domestic corporation from certain foreign corporations

 

317.283     Nonrecognition of transactions with related domestic international sales corporation

 

317.286     Nonrecognition of transactions with related foreign sales corporation

 

317.303     Deduction or adjustment for certain federal credits

 

317.304     Addition for unused qualified business credits

 

317.307     Reduction for charitable contribution deduction under federal law; subtraction

 

317.309     Interest and dividends received from obligations of state or political subdivision

 

317.310     Balance in bad debt reserve of financial institution which has changed from reserve method to specific charge-off method of accounting

 

317.311     Application of section 243 of Tax Reform Act of 1986

 

317.312     Federal depreciation expenses of certain health care service contractors

 

317.314     Taxes on net income or profits imposed by any state or foreign country; nondeductible taxes and license fees; taxes paid to foreign country for certain income

 

317.319     Capital Construction Fund; deferred income; nonqualified withdrawals

 

317.322     Addition of long term care insurance premiums if credit is claimed

 

317.327     Modification of taxable income when deferred gain is recognized as result of out-of-state disposition of property; rules

 

317.329     Basis for stock acquisition

 

317.344     Net operating loss carryback and carryover

 

317.349     Transaction treated as lease purchase under federal law

 

317.351     ORS 317.349 not applicable to finance leases

 

317.356     Basis on disposition of asset; adjustments to reflect depreciation, depletion, other cost recovery, federal credits and other differences in Oregon and federal basis

 

317.362     Reversal of effect of gain or loss in case of timber, coal, domestic iron ore

 

317.374     Depletion

 

317.379     Exemption of income from exercise of Indian fishing rights

 

317.383     Underground storage tank pollution prevention or essential services grant

 

317.386     Energy conservation payments exempt

 

317.388     Claim of right income repayment adjustment when credit is claimed

 

317.391     Small city business development exemption

 

317.394     Qualifying film production labor rebates

 

317.398     Qualified production activities income

 

317.401     Addition for federal prescription drug plan subsidies excluded for federal tax purposes

 

(Temporary provisions relating to exemption for certain sales of manufactured dwelling parks are compiled as notes following ORS 317.401)

 

317.476     Net losses of prior years

 

317.478     Pre-change and built-in losses

 

317.479     Limitation on use of preacquisition losses to offset built-in gain

 

317.485     Loss carryforward after reorganization; construction

 

317.488     Qualified donations and sales to educational institutions

 

RETURNS AND PAYMENT OF TAX

 

317.504     Date return considered filed or advance payment considered made

 

317.510     Requiring additional reports and information

 

FOREIGN INCOME; DOMESTIC INTERNATIONAL SALES CORPORATIONS; INSURERS

 

317.625     Income from sources without the United States

 

317.635     Domestic international sales corporation

 

317.650     Insurers; depreciation and basis provisions; confidentiality of returns; calendar year filing of returns required

 

317.655     Taxable income of insurer; computation; exclusion for certain life insurance or annuity accounts

 

317.660     Allocation of net income where insurer has both in-state and out-of-state business

 

317.665     Oregon net losses of insurer in prior years

 

UNITARY TAX

 

317.705     Definitions

 

317.710     Corporation tax return requirements

 

317.713     Group losses as offset to income of subsidiary paying preferred dividends

 

317.715     Tax return of corporation in affiliated group making consolidated federal return

 

317.720     Computation of taxable income; excess loss accounts

 

317.725     Adjustments to prevent double taxation or deduction; rules

 

DISPOSITION OF REVENUE

 

317.850     Disposition of revenue

 

UNRELATED BUSINESS INCOME OF CERTAIN EXEMPT CORPORATIONS

 

317.920     Tax imposed on unrelated business income of certain exempt corporations

 

317.930     Exceptions and limitations

 

317.950     Assessment of deficiency

 

PENALTIES

 

317.991     Civil penalty; noncompliance with ORS 317.097 relating to credit for housing rehabilitation loans

 

GENERAL PROVISIONS

 

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

 

      317.010 Definitions. 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 308.665.

      (2) “Department” means the Department of Revenue.

      (3)(a) “Consolidated federal return” means the return permitted or required to be filed by a group of affiliated corporations under section 1501 of the Internal Revenue Code.

      (b) “Consolidated state return” means the return required to be filed under ORS 317.710 (5).

      (4) “Doing business” means any transaction or transactions in the course of its activities conducted within the state by a national banking association, or any other corporation; provided, however, that a foreign corporation whose activities in this state are confined to purchases of personal property, and the storage thereof incident to shipment outside the state, shall not be deemed to be doing business unless such foreign corporation is an affiliate of another foreign or domestic corporation which is doing business in Oregon. Whether or not corporations are affiliated shall be determined as provided in section 1504 of the Internal Revenue Code.

      (5) “Excise tax” means a tax measured by or according to net income imposed upon national banking associations, all other banks, and financial, centrally assessed, mercantile, manufacturing and business corporations for the privilege of carrying on or doing business in this state.

      (6) “Financial institution” or “financial corporation” means a bank or trust company organized under ORS chapter 707, national banking association or production credit association organized under federal statute, building and loan association, savings and loan association, mutual savings bank, and any other corporation whose principal business is in direct competition with national and state banks.

      (7) “Internal Revenue Code,” except where the Legislative Assembly has provided otherwise, refers to the laws of the United States or to the Internal Revenue Code as they are amended and in effect:

      (a) On December 31, 2006; or

      (b) If related to the definition of taxable income, as applicable to the tax year of the taxpayer.

      (8) “Oregon taxable income” means taxable income, less the deduction allowed under ORS 317.476, except as otherwise provided with respect to insurers in subsection (11) of this section and ORS 317.650 to 317.665.

      (9) “Oregon net loss” means taxable loss, except as otherwise provided with respect to insurers in subsection (11) of this section and ORS 317.650 to 317.665.

      (10) “Taxable income or loss” means the taxable income or loss determined, or in the case of a corporation for which no federal taxable income or loss is determined, as would be determined, under chapter 1, Subtitle A of the Internal Revenue Code and any other laws of the United States relating to the determination of taxable income or loss of corporate taxpayers, with the additions, subtractions, adjustments and other modifications as are specifically prescribed by this chapter except that in determining taxable income or loss for any year, no deduction under ORS 317.476 or 317.478 and section 45b, chapter 293, Oregon Laws 1987, shall be allowed. If the corporation is a corporation to which ORS 314.280 or 314.605 to 314.675 (requiring or permitting apportionment of income from transactions or activities carried on both within and without the state) applies, to derive taxable income or loss, the following shall occur:

      (a) From the amount otherwise determined under this subsection, subtract nonbusiness income, or add nonbusiness loss, whichever is applicable.

      (b) Multiply the amount determined under paragraph (a) of this subsection by the Oregon apportionment percentage defined under ORS 314.280, 314.650 or 314.670, whichever is applicable. The resulting product shall be Oregon apportioned income or loss.

      (c) To the amount determined as Oregon apportioned income or loss under paragraph (b) of this subsection, add nonbusiness income allocable entirely to Oregon under ORS 314.280 or 314.625 to 314.645, or subtract nonbusiness loss allocable entirely to Oregon under ORS 314.280 or 314.625 to 314.645. The resulting figure is “taxable income or loss” for those corporations carrying on taxable transactions or activities both within and without Oregon.

      (11) As used in ORS 317.122 and 317.650 to 317.665, “ insurer” means any domestic, foreign or alien insurer as defined in ORS 731.082 and any interinsurance and reciprocal exchange and its attorney in fact with respect to its attorney in fact net income as a corporate attorney in fact acting as attorney in compliance with ORS 731.458, 731.462, 731.466 and 731.470 for the reciprocal or interinsurance exchange. However, “insurer” does not include title insurers or health care service contractors operating pursuant to ORS 750.005 to 750.095. [Amended by 1953 c.385 §9; 1959 c.631 §1; 1963 c.571 §1; subsection (18) enacted as 1969 c.600 §2; 1975 c.368 §4; 1977 c.866 §2; 1983 c.162 §3; 1984 c.1 §5; 1985 c.802 §20; 1987 c.293 §31; 1989 c.625 §15; 1991 c.457 §8; 1993 c.726 §38; 1995 c.556 §12; 1995 c.786 §12; 1997 c.154 §49; 1997 c.839 §26; 1999 c.224 §8; 2001 c.660 §46; 2003 c.77 §19; 2005 c.832 §31; 2007 c.614 §14]

 

      317.013 Adoption of parts of Internal Revenue Code and application of federal laws and regulations. (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 United States have full force and effect under this chapter unless modified by other provisions of this chapter.

      (2) Insofar as is practicable in the administration of this chapter, the Department of Revenue shall apply and follow the administrative and judicial interpretations of the federal income tax law. When a provision of the federal income tax law is the subject of conflicting opinions by two or more federal courts, the department shall follow the rule observed by the United States Commissioner of Internal Revenue until the conflict is resolved. Nothing contained in this section limits the right or duty of the department to audit the return of any taxpayer or to determine any fact relating to the tax liability of any taxpayer.

      (3) When portions of the Internal Revenue Code incorporated by reference as provided in subsection (1) of this section refer to rules or regulations prescribed by the Secretary of the Treasury, they are regarded as rules adopted by the department under and in accord with the provisions of this chapter, whenever they are prescribed or amended.

      (4)(a) When portions of the Internal Revenue Code incorporated by reference as provided in subsection (1) of this section are later corrected by an Act or Title within an Act of the United States Congress designated as an Act or Title making technical corrections, then notwithstanding the date that the Act or Title becomes law, those portions of the Internal Revenue Code, as so corrected, shall be the portions of the Internal Revenue Code incorporated by reference as provided in this section or ORS 317.010 or 317.018 and shall take effect, unless otherwise indicated by the Act or Title (in which case the provisions shall take effect as indicated in the Act or Title) as if originally included in the Act being technically corrected. If, on account of this subsection, any adjustment is required to an Oregon return that would otherwise be prevented by operation of law or rule, the adjustment shall be made, notwithstanding any law or rule to the contrary, in the manner provided under ORS 314.135.

      (b) As used in this subsection, “Act or Title” includes any subtitle, division or other part of an Act or Title. [1983 c.162 §11; 1984 c.1 §6; 1985 c.802 §32; 1987 c.293 §32; 1997 c.839 §27; 2003 c.77 §20]

 

      317.015 [Repealed by 1957 c.632 §1 (314.075 and 314.080 enacted in lieu of 316.025, 316.030, 317.015 and 317.020)]

 

      317.016 [1967 c.274 §§2,3,5; 1975 c.705 §10; repealed by 1983 c.162 §57]

 

      317.017 [1985 c.802 §48; repealed by 1997 c.839 §69]

 

      317.018 Statement of purpose. 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 taxpayer, to the end that taxable income of a corporation for Oregon purposes is the same as it is for federal income tax purposes, subject to Oregon’s jurisdiction to tax, and subject to the additions, subtractions, adjustments and modifications contained in this chapter.

      (2) To achieve the results desired under subsection (1) of this section by application of the various provisions of the federal Internal Revenue Code relating to the definitions for corporations, of income, deductions, accounting methods, accounting periods, taxation of corporations, basis and other pertinent provisions relating to gross income. It is not the intent of the Legislative Assembly to adopt federal Internal Revenue Code provisions dealing with the computation of tax, tax credits or any other provisions designed to mitigate the amount of tax due.

      (3) To impose on each corporation doing business within this state an excise tax for the privilege of carrying on or doing that business measured by its federal taxable income as adjusted in this chapter. [1983 c.162 §2; 1984 c.1 §7; 1985 c.802 §21; 1987 c.293 §33; 1989 c.625 §16; 1991 c.457 §9; 1993 c.726 §39; 1995 c.556 §13; 1997 c.839 §28]

 

      317.019 Application of Payment-in-kind Tax Treatment Act of 1983. 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]

 

      317.020 [Repealed by 1957 c.632 §1 (314.075 and 314.080 enacted in lieu of 316.025, 316.030, 317.015 and 317.020)]

 

      317.021 [1985 c.802 §60; 1987 c.293 §34; renumbered 314.031 in 1993]

 

      317.022 [1983 c.162 §41; 1984 c.1 §8; repealed by 2005 c.94 §84]

 

      317.025 Omission of previously enacted savings clauses from Oregon Revised Statutes. 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 far as they are applicable, continue to be so applicable.

 

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

 

      317.035 Effect of subsequent repeal of chapter. 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 any such tax for the calendar year in which the tax is repealed.

 

      317.038 Computation of Oregon taxable history. (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 chapter 162, Oregon Laws 1983, shall not be applied to preclude a corporation from taking into account a deduction or a loss to which it otherwise would be entitled.

      (3) The changes to the corporate excise and income tax laws by chapter 162, Oregon Laws 1983, shall not be applied to preclude a corporation from including income which it otherwise would be required to include. [1983 c.162 §40; 1985 c.802 §21e]

 

      317.045 [1989 c.625 §19; repealed by 1991 c.457 §24]

 

      317.055 [Amended by 1957 c.607 §1; subsection (2) of 1961 Replacement Part derived from 1957 c.607 §11 and 1957 s.s. c.5 §1; 1963 c.571 §2; repealed by 1975 c.368 §8]

 

IMPOSITION OF TAX

 

      317.056 Financial corporations; applicable taxes. Except as otherwise required by federal law, every financial corporation located within this state shall be subject to county, city, district, political subdivision and all other local taxes imposed generally on a nondiscriminatory basis throughout the jurisdiction of the taxing authority, at the same rates and in all respects in the same manner and to the same extent as are mercantile, manufacturing and business corporations, and shall pay annually to the state an excise tax according to or measured by its Oregon taxable income, to be computed in the manner provided by this chapter at the rate provided in ORS 317.061. [1975 c.368 §3; 1983 c.162 §4; 1999 c.21 §43]

 

      317.057 Exemption of certain out-of-state financial institutions from tax; exception. (1) As used in this section:

      (a) “Extranational institution” has the meaning given that term in ORS 706.008;

      (b) “Foreign association” means a foreign association as defined in ORS 722.004 or a federal association as defined in ORS 722.004, the home state of which is a state other than Oregon; and

      (c) “Out-of-state bank” has the meaning given that term in ORS 706.008.

      (2) Except as provided in this section and ORS 713.300, an out-of-state bank, extranational institution or foreign association described in ORS 713.300, that engages in activities authorized under ORS 713.300, is not subject to any tax, license fee or charge for the privilege of doing business in this state or to any tax measured by net or gross income.

      (3) If the out-of-state bank, extranational institution or foreign association acquires any property given as security for a mortgage or trust deed, all income accruing to the out-of-state bank, extranational institution or foreign association solely from the ownership, sale or other disposition of such property is subject to taxation in the same manner and on the same basis as income of corporations doing business in this state. [1999 c.30 §2]

 

      317.060 [Amended by 1957 c.607 §2; subsection (2) of 1961 Replacement Part derived from 1957 c.607 §11 and 1957 s.s. c.5 §1; 1963 c.571 §3; repealed by 1975 c.368 §8]

 

      317.061 Tax rate. The rate of the tax imposed by and computed under this chapter is six and six-tenths percent. [1975 c.368 §2; 1983 c.162 §5; 1987 c.293 §34a]

 

      317.063 Tax rate imposed on certain long-term capital gain from farming; requirements. (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 equines, including but not limited to providing riding lessons, training clinics and schooling shows;

      (E) Propagating, cultivating, maintaining or harvesting aquatic species and bird and animal species to the extent allowed by the rules adopted by the State Fish and Wildlife Commission;

      (F) On-site constructing and maintaining equipment and facilities used for the activities described in this subsection;

      (G) Preparing, storing or disposing of, by marketing or otherwise, the products or by-products raised for human or animal use on land employed in activities described in this subsection; or

      (H) Any other agricultural or horticultural activity or animal husbandry, or any combination of these activities, except that “farming” does not include growing and harvesting trees of a marketable species other than growing and harvesting cultured Christmas trees or certain hardwood timber described in ORS 321.267 (3) or 321.824 (3).

      (b) “Section 1231 gain” has the meaning given that term in section 1231 of the Internal Revenue Code.

      (2) Notwithstanding ORS 317.061, taxable income that consists of net long-term capital gain shall be subject to tax under this chapter at a rate of five percent if all of the following conditions apply:

      (a) The gain is:

      (A) Derived from the sale or exchange of capital assets consisting of ownership interests in a corporation, partnership or other entity in which, prior to the sale or exchange, the taxpayer owned at least a 10 percent ownership interest; or

      (B) Section 1231 gain.

      (b) The property that was sold or exchanged consisted of:

      (A) Ownership interests in a corporation, partnership or other entity that is engaged in the trade or business of farming; or

      (B) Property that is predominantly used in the trade or business of farming.

      (c) The sale or exchange is to a person who is not related to the taxpayer under section 267 of the Internal Revenue Code.

      (d) The sale or exchange constitutes a substantially complete termination of all of the taxpayer’s ownership interests in a trade or business that is engaged in farming or a substantially complete termination of all of the taxpayer’s ownership interests in property that is employed in the trade or business of farming.

      (3) If the taxpayer has net long-term capital gain derived in part from the sale or exchange of property described in subsection (2)(b) of this section and in part from the sale or exchange of all other property, the net long-term capital gain that is subject to tax under this section shall be determined as follows:

      (a) Compute the net long-term capital gain derived from all property described in subsection (2)(b) of this section that was sold or exchanged during the tax year.

      (b) Compute the net capital gain or loss from the sale or exchange of all other property during the tax year.

      (c) If the amount determined under paragraph (b) of this subsection is a net capital gain, the gain that is subject to tax under subsection (2) of this section shall be the amount determined under paragraph (a) of this subsection.

      (d) If the amount determined under paragraph (b) of this subsection is a net capital loss, the gain that is subject to tax under subsection (2) of this section shall be the amount determined under paragraph (a) of this subsection minus the amount determined under paragraph (b) of this subsection. [2001 c.545 §4; 2003 c.454 §124; 2003 c.621 §99a]

 

      317.065 [Repealed by 1975 c.368 §8]

 

      317.066 [1977 c.597 §2; repealed by 1983 c.162 §57]

 

      317.067 Tax on homeowners association income. (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” has the meaning given that term in section 528(c) of the Internal Revenue Code. [1977 c.597 §3; 1983 c.162 §6; 1999 c.21 §44; 1999 c.90 §22a]

 

      317.070 Tax on centrally assessed, mercantile, manufacturing and business corporations. Every centrally assessed corporation, the property of which is assessed by the Department of Revenue under ORS 308.505 to 308.665, and every mercantile, manufacturing and business corporation doing business within this state, except as provided in ORS 317.080 and 317.090, shall annually pay to this state, for the privilege of carrying on or doing business by it within this state, an excise tax according to or measured by its Oregon taxable income, to be computed in the manner provided by this chapter, at the rate provided in ORS 317.061. [Amended by 1957 c.607 §3; 1957 c.709 §1; subsection (3) of 1963 Replacement Part derived from 1957 c.607 §11; 1957 c.709 §2 and 1957 s.s. c.5 §1; 1959 c.631 §2; 1963 c.627 §22 (referred and rejected); 1965 c.322 §1; 1965 c.544 §1; 1971 c.247 §1; 1975 c.368 §5; 1977 c.866 §3; 1982 1 c.16 §11; 1983 c.162 §7; 1985 c.565 §55; 1997 c.154 §50; 1999 c.21 §45; 1999 c.60 §1]

 

      317.071 [1977 c.887 §8; 1981 c.778 §40; 1981 c.894 §30; renumbered 317.111]

 

      317.072 [1967 c.592 §9; 1969 c.340 §3; 1973 c.831 §9; 1977 c.795 §12; 1977 c.866 §11; 1981 c.408 §2; 1983 c.637 §7; renumbered 317.116]

 

      317.073 [1959 c.631 §6; repealed by 1969 c.520 §49]

 

      317.074 [1955 c.592 §2; 1957 c.607 §4; subsection (5) derived from 1957 c.607 §11 and 1957 s.s. c.5 §1; repealed by 1969 c.520 §49]

 

      317.075 [Repealed by 1955 c.592 §4]

 

      317.076 [1969 c.600 §9; renumbered 317.122]

 

      317.077 [1977 c.839 §10; 1979 c.439 §2; renumbered 317.128]

 

      317.078 [1969 c.600 §5; 1983 c.162 §35; renumbered 317.650]

 

      317.080 Exempt corporations. 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 section 502, 503 or 505 of the Internal Revenue Code.

      (2) Organizations described in section 501(d) of the Internal Revenue Code, unless the exemption is denied under section 502 or 503 of the Internal Revenue Code.

      (3) Organizations described in section 501(e) of the Internal Revenue Code.

      (4) Organizations described in section 501(f) of the Internal Revenue Code.

      (5) Charitable risk pools described in section 501(n) of the Internal Revenue Code.

      (6) Organizations described in section 521 of the Internal Revenue Code.

      (7) Qualified state tuition programs described in section 529 of the Internal Revenue Code.

      (8) Foreign or alien insurance companies, but only with respect to the underwriting profit derived from writing wet marine and transportation insurance subject to tax under ORS 731.824 and 731.828.

      (9) Corporations, organized and operated primarily for the purpose of furnishing permanent residential, recreational and social facilities primarily for elderly persons, which:

      (a) Are corporations not for profit, authorized to transact business in this state pursuant to ORS chapter 65 or any statute repealed by chapter 580, Oregon Laws 1959;

      (b) Receive not less than 95 percent of their operating gross income (excluding any investment income) solely from payments for living, medical, recreational, and social services and facilities, paid by or on behalf of the elderly persons using the facilities of such corporation;

      (c) Permit no part of their net earnings to inure to the benefit of any private stockholder or individual; and

      (d) Provide in their articles or other governing instrument that, upon dissolution, the assets remaining after satisfying all lawful debts and liabilities shall be distributed to one or more corporations exempt from taxation under this chapter as corporations organized and operated exclusively for religious, charitable, scientific, literary or educational purposes.

      (10) People’s utility districts established under ORS chapter 261. [Amended by 1953 c.207 §1; 1953 c.653 §3; 1955 c.592 §5; last sentence of 1959 Replacement Part derived from 1955 c.592 §6; 1957 c.553 §1; 1959 c.215 §1; 1961 c.473 §1; subsection (17) enacted as 1961 c.473 §2; 1963 c.286 §1; 1967 c.359 §689; 1969 c.600 §11; 1971 c.637 §1; 1985 c.802 §28a; 1987 c.293 §36; 1987 c.838 §20; 1989 c.626 §9; 1995 c.786 §13; 1997 c.839 §29]

 

      317.083 [1981 c.778 §36; renumbered 317.386]

 

      317.084 [1987 c.911 §8e; repealed by 2005 c.80 §7]

 

      317.085 [Repealed by 1957 c.607 §10]

 

      317.087 [1981 c.720 §18; renumbered 317.133]

 

      317.090 Minimum tax. Each taxpayer named in ORS 317.056 or 317.070 shall pay annually to the state, for the privilege of carrying on or doing business by it within this state, a minimum tax of $10. The minimum tax shall not be apportionable (except in the case of a change of accounting periods), but shall be payable in full for any part of the year during which a corporation is subject to tax. [Amended by 1975 c.368 §6]

 

      317.092 Exemption of payments to tenant of manufactured dwelling park upon termination of rental agreement. Amounts received by a taxpayer under ORS 90.645 (1) are exempt from the taxes imposed by this chapter. [2007 c.906 §14]

 

      Note: Section 1, chapter 4, Oregon Laws 2007, provides:

      Sec. 1. (1) For a tax year that begins on or after January 1, 2007, and before January 1, 2008, a taxpayer that is a C corporation as defined in ORS 314.730 and that has Oregon sales for the tax year of less than $5 million shall be allowed a credit against taxes that would otherwise be due under ORS chapter 317 or 318 equal to 67 percent of those taxes.