2011 ORS § 317.057¹
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 (Additional definitions for Bank Act);

(b) Foreign association means a corporation organized to transact savings and loan business under federal law or under the laws of another state or territory of the United States, the home state or territory of which is a state or territory other than Oregon; and

(c) Out-of-state bank has the meaning given that term in ORS 706.008 (Additional definitions for Bank Act).

(2) Except as provided in this section and ORS 713.300 (Out-of-state bank, extranational institution or foreign association), an out-of-state bank, extranational institution or foreign association described in ORS 713.300 (Out-of-state bank, extranational institution or foreign association), that engages in activities authorized under ORS 713.300 (Out-of-state bank, extranational institution or foreign association), 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; 2009 c.541 §18]