ORS 317.625¹
Income from sources without the United States

Income from sources without the United States, as defined in section 862 of the Internal Revenue Code, shall be accounted for in the computation of Oregon taxable income as required by ORS chapters 305 and 314 and this chapter without regard to sections 861 to 864 of the Internal Revenue Code. [1983 c.162 §38]

Note: Sections 30 to 34 and 37, chapter 101, Oregon Laws 2018, provide:

Sec. 30. Section 31 of this 2018 Act is added to and made a part of ORS chapter 317. [2018 c.101 §30]

Sec. 31. On or before July 1, 2021, the Department of Revenue shall:

(1) Estimate the increase, if any, of corporate tax revenue received by the department and attributable to the treatment of post-1986 deferred foreign income under An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (P.L. 115-97); and

(2) Notwithstanding ORS 317.853 (Disposition of revenue from tax imposed at increased rate), distribute an amount equal to the estimate required under subsection (1) of this section as follows:

(a) 18 percent shall be transferred to the Employer Incentive Fund established under section 1 of this 2018 Act [section 1, chapter 105, Oregon Laws 2018].

(b) 82 percent shall be transferred to the School Districts Unfunded Liability Fund established under section 24 of this 2018 Act [section 24, chapter 105, Oregon Laws 2018]. [2018 c.101 §31; 2018 c.105 §32]

Sec. 32. Section 33 of this 2018 Act is added to and made a part of ORS chapter 317. [2018 c.101 §32]

Sec. 33. (1) A credit against the taxes otherwise due under ORS chapter 317 or 318 shall be allowed to a taxpayer for Oregon tax attributable to income reported under section 965 of the Internal Revenue Code as post-1986 deferred foreign income.

(2) The credit allowed under this section may not exceed the lesser of:

(a) The amount of Oregon tax attributable to income reported under section 965 of the Internal Revenue Code as post-1986 deferred foreign income for tax years beginning on or after January 1, 2017, and before January 1, 2018; or

(b) The total amount of tax, if any, attributable to the addition required under ORS 317.716 and imposed for all tax years beginning on or after January 1, 2014, and before January 1, 2017.

(3) The credit allowed under this section may not exceed the tax liability of the taxpayer for the tax year.

(4) Any tax credit otherwise allowable under this section that is not used by the taxpayer in a particular tax year may be carried forward and offset against the taxpayer’s tax liability for the next succeeding tax year. Any credit remaining unused in the next succeeding tax year may be carried forward and used in the second succeeding tax year. Any credit remaining unused in the second succeeding tax year may be carried forward and used in the third succeeding tax year. Any credit remaining unused in the third succeeding tax year may be carried forward and used in the fourth succeeding tax year. Any credit remaining unused in the fourth succeeding tax year may be carried forward and used in the fifth succeeding tax year, but may not be used in any tax year thereafter. [2018 c.101 §33]

Sec. 34. Except as provided in section 33 (4) of this 2018 Act, section 33 of this 2018 Act applies to tax years beginning on or after January 1, 2017, and before January 1, 2018. [2018 c.101 §34]

Sec. 37. On or before December 1, 2020, the Department of Revenue shall report in the manner required by ORS 192.245 (Form of report to legislature) to a committee of the Legislative Assembly related to revenue regarding the relative efficacy of the provisions of ORS 317.716, in comparison to the provisions of section 951A of the Internal Revenue Code, requiring shareholders of controlled foreign corporations to include global intangible low-taxed income in gross income. [2018 c.101 §37]

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/­ors317.­html (2019) (last ac­cessed May 16, 2020).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2019, Chapter 317, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano317.­html (2019) (last ac­cessed May 16, 2020).
 
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.
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