2007 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 foreign association as defined in ORS 722.004 (Definitions) or a federal association as defined in ORS 722.004 (Definitions), 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 (Additional definitions for Bank Act).

(2) Except as provided in this section and ORS 713.300 (Activities of out-of-state bank, extranational institution or foreign association that do not constitute transacting business in this state), an out-of-state bank, extranational institution or foreign association described in ORS 713.300 (Activities of out-of-state bank, extranational institution or foreign association that do not constitute transacting business in this state), that engages in activities authorized under ORS 713.300 (Activities of out-of-state bank, extranational institution or foreign association that do not constitute transacting business in this state), 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]

Chapter 317

Notes of Decisions

Congress is empowered by Commerce Clause, U.S. Const. Art. I, Sec­tion VIII, to place three year moratorium on "doing business" taxes imposed by states on federally insured savings and loan associa­tions which do not have their principal place of business in taxing state. Pac. First Fed. Savings & Loan v. Dept. of Rev., 293 Or 138, 645 P2d 27 (1982)

For purposes of claim preclusion, all issues re­gard­ing taxpayer's corporate excise tax liability for tax year constitute same claim. U.S. Bancorp v. Dept. of Revenue, 15 OTR 13 (1999)

1 Legislative Counsel Committee, CHAPTER 317—Corporation Excise Tax, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­317.­html (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 317, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­317ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.