2017 ORS 315.123¹
Minimum production and processing volume requirements
  • recordkeeping requirements

Minimum production and processing volume requirements; record- keeping requirements. (1) For the first three tax years in which a taxpayer claims a credit under ORS 315.119 (On-farm processing facilities), a taxpayer shall be deemed to have complied with the applicable minimum production and processing volume requirements of ORS 315.119 (On-farm processing facilities) (3)(c) if the taxpayer has satisfied these requirements for the preceding tax year.

(2) For the fourth tax year in which a taxpayer claims a credit under ORS 315.119 (On-farm processing facilities), the taxpayer shall be deemed to have complied with the applicable minimum production and processing volume requirements of ORS 315.119 (On-farm processing facilities) (3)(c) if the taxpayer has satisfied these requirements for the preceding tax year and at least one of the three tax years immediately prior to the preceding tax year.

(3) For each tax year in which a credit is claimed under ORS 315.119 (On-farm processing facilities), the taxpayer shall maintain records sufficient to determine the taxpayer’s production and processing volume for purposes of ORS 315.119 (On-farm processing facilities) (3)(c). A taxpayer shall maintain the records required under this subsection for at least 10 years. [2001 c.725 §4]

Note: See note under 315.119 (On-farm processing facilities).

Chapter 315

Notes of Decisions

State could not recalculate tax for tax year closed to review in order to prevent elective carry forward of tax credit to tax year subject to review. Smurfit Newsprint Corp. v. Dept. of Revenue, 329 Or 591, 997 P2d 185 (2000)

1 Legislative Counsel Committee, CHAPTER 315—Personal and Corporate Income or Excise Tax Credits, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors315.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 315, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano315.­html (2017) (last ac­cessed Mar. 30, 2018).
 
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.