2015 Oregon Revised Statutes
Volume : 08 - Revenue and Taxation
Chapter 314 - Taxes Imposed Upon or Measured by Net Income
Section 314.055 - Application of Energy Independence and Security Act of 2007 (P.L. 110-140), Mortgage Forgiveness Debt Relief Act of 2007 (P.L. 110-142), Tax Increase Prevention Act of 2007 (P.L. 110-166) and Tax Technical Corrections Act of 2007 (P.L. 110-172).

(1) Except as provided in subsections (2) and (3) of this section, the amendments to statutes by sections 1 to 17, chapter 45, Oregon Laws 2008, apply to transactions or activities occurring on or after January 1, 2008, in tax years beginning on or after January 1, 2008.

(2) The effective and applicable dates, and the exceptions, special rules and coordination with the Internal Revenue Code, as amended, relative to those dates, contained in the Energy Independence and Security Act of 2007 (P.L. 110-140), the Mortgage Forgiveness Debt Relief Act of 2007 (P.L. 110-142), the Tax Increase Prevention Act of 2007 (P.L. 110-166), the Tax Technical Corrections Act of 2007 (P.L. 110-172) and other federal law amending the Internal Revenue Code apply for Oregon personal income and corporate excise and income tax purposes, to the extent they can be made applicable, in the same manner as they are applied under the Internal Revenue Code and related federal law.

(3)(a) If a deficiency is assessed against any taxpayer for a tax year beginning before January 1, 2008, and the deficiency or any portion thereof is attributable to any retroactive treatment under the amendments to statutes by sections 1 to 17, chapter 45, Oregon Laws 2008, then any interest or penalty assessed under ORS chapter 305, 314, 315, 316, 317 or 318 with respect to the deficiency or portion thereof shall be canceled.

(b) If a refund is due any taxpayer for a tax year beginning before January 1, 2008, and the refund or any portion thereof is due the taxpayer on account of any retroactive treatment under the amendments to statutes by sections 1 to 17, chapter 45, Oregon Laws 2008, then notwithstanding ORS 305.270 or 314.415 or other law, the refund or portion thereof shall be paid without interest.

(c) Any changes required because of the amendments to statutes by sections 1 to 17, chapter 45, Oregon Laws 2008, for a tax year beginning before January 1, 2008, shall be made by filing an amended return within the time prescribed by law.

(d) If a taxpayer fails to file an amended return under paragraph (c) of this subsection, the Department of Revenue shall make any changes under paragraph (c) of this subsection on the return to which the changes relate within the period specified for issuing a notice of deficiency or claiming a refund as otherwise provided by law with respect to that return, or within one year after a return for a tax year beginning on or after January 1, 2008, and before January 1, 2009, is filed, whichever period expires later.

[2008 c.45 §18]

Note: 314.055 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 314 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

Note: Legislative Counsel has substituted "chapter 45, Oregon Laws 2008," for the words "this 2008 Act" in section 18, chapter 45, Oregon Laws 2008, compiled as 314.055. Specific ORS references have not been substituted, pursuant to 173.160. The sections for which substitution otherwise would be made may be determined by referring to the 2008 Comparative Section Table located in Volume 20 of ORS.