Chapter 318 — CorporationIncome Tax

 

2009 EDITION

 

 

CORPORATIONINCOME TAX

 

REVENUEAND TAXATION

 

318.010 Shorttitle; Department of Revenue to administer chapter

 

318.020 Impositionof tax

 

318.031 Provisionsin ORS chapters 305, 314, 315 and 317 incorporated into corporation income taxlaw

 

318.040 Exemptcorporations

 

318.060 Rulesand regulations; personnel

 

318.070 Dispositionof revenue

 

318.074 Dispositionof revenue from tax imposed at increased rate; estimate

 

318.106 ORS317.151 as part of chapter

 

318.130 ORS317.329 as part of chapter

 

318.010Short title; Department of Revenue to administer chapter. This chaptershall be known and may be cited as the Corporation Income Tax Act of 1955, andit shall be administered by the Department of Revenue. [1955 c.334 §1]

 

318.020Imposition of tax.(1) There hereby is imposed upon every corporation for each taxable year a taxat the rate provided in ORS 317.061 upon its Oregon taxable income derived fromsources within this state, other than income for which the corporation issubject to the tax imposed by ORS chapter 317 according to or measured by itsOregon taxable income.

(2)Income from sources within this state includes income from tangible orintangible property located or having a situs in this state and income from anyactivities carried on in this state, regardless of whether carried on inintrastate, interstate or foreign commerce.

(3)Income that constitutes net long-term capital gain described in ORS 317.063shall be taxed at the rate imposed under ORS 317.063. [1955 c.334 §2; 1957c.607 §9; 1957 c.633 §1; 1961 c.55 §1; subsection (3) enacted as 1961 c.55 §2;1975 c.368 §7; 1983 c.162 §44; 1999 c.21 §49; 2001 c.545 §5; 2005 c.94 §89]

 

318.030 [1955 c.334 §3;1957 c.74 §3; 1965 c.154 §5; 1965 c.460 §5; 1967 c.592 §10; 1969 c.166 §7; 1969c.493 §96a; 1969 c.681 §7; 1971 c.283 §5; 1973 c.115 §6; 1973 c.753 §7; 1977c.866 §6; 1979 c.414 §6; 1979 c.561 §7; 1979 c.578 §10; repealed by 1983 c.162 §45(318.031 enacted in lieu of 318.030)]

 

318.031Provisions in ORS chapters 305, 314, 315 and 317 incorporated into corporationincome tax law.It being the intention of the Legislative Assembly that this chapter and ORSchapter 317 shall be administered as uniformly as possible (allowance beingmade for the difference in imposition of the taxes), ORS 305.140 and 305.150,ORS chapter 314 and the following sections are incorporated into and made apart of this chapter: ORS 285C.309, 315.104, 315.134, 315.141, 315.156,315.204, 315.208, 315.213, 315.304, 315.507, 315.511 and 315.604 (all only tothe extent applicable to a corporation) and ORS chapter 317. [1983 c. 162 §46(enacted in lieu of 318.0300; 1984 c.1 §13; 1985 c.761 §23; 1987 c.293 §49;1987 c.911 §8f; 1989 c.625 §24; 1989 c.911 §5; 1991 c.457 §15; 1991 c.652 §11;1991 c.928 §5; 1993 c.730 §6; 1995 c.79 §171; 1997 c.835 §41; 1999 c.21 §50;1999 c.358 §5; 2001 c.114 §43; 2001 c.292 §13; 2001 c.674 §12; 2001 c.932 §11;2001 c.957 §19; 2005 c.80 §3; 2005 c.94 §90; 2007 c.739 §8; 2007 c.883 §4; 2009c.33 §§27,28]

 

318.040Exempt corporations.In addition to the corporations exempt from the provisions of this chapter bythe incorporation in this chapter of ORS 317.080, there shall also be exemptthose foreign corporations whose activities in this state are confined topurchases of personal property, and the storage thereof incident to shipmentoutside the state, unless such foreign corporation is an affiliate of anotherforeign or domestic corporation which is doing business in Oregon or is subjectto this chapter. Whether or not corporations are affiliated shall be determinedas provided in section 1504 of the Internal Revenue Code. [1955 c.334 §4; 1977c.866 §7; 1984 c.1 §14; 1985 c.802 §34]

 

318.044 [1957 s.s. c.15§§14,15; 1971 c.724 §2; 1977 c.89 §2; repealed by 1983 c.162 §57]

 

318.046 [1957 s.s. c.15§§16,17; 1959 c.92 §3; repealed by 1983 c.162 §57]

 

318.048 [1965 c.178 §6;repealed by 1983 c.162 §57]

 

318.050 [1955 c.334 §6;repealed by 1977 c.866 §9]

 

318.060Rules and regulations; personnel. The Department of Revenue is authorizedto employ such personnel, and prescribe and prepare such rules, regulations,forms and tables as are necessary to place this chapter in operation. [1955c.334 §7; 1957 c.528 §5]

 

318.070Disposition of revenue. The net revenue from the tax imposed by thischapter shall be paid over to the State Treasurer and held in the General Fundas miscellaneous receipts available generally to meet any expense or obligationof the State of Oregon lawfully incurred. A working balance of unreceiptedrevenue from the tax imposed by this chapter may be retained by the Departmentof Revenue for the payment of refunds, but such working balance shall not atthe close of any fiscal year exceed the sum of $50,000. [1955 c.334 §5]

 

318.074Disposition of revenue from tax imposed at increased rate; estimate. (1) For taxyears beginning on or after January 1, 2013, any revenue that is received as aresult of a rate of tax above six and six-tenths percent imposed under thischapter and that is in excess of the revenue that would be received under thischapter at a rate of six and six-tenths percent shall be deposited into theOregon Rainy Day Fund established by ORS 293.144.

(2)Before the end of each biennium, beginning with the biennium ending on June 30,2015, the Department of Revenue shall estimate the revenue described insubsection (1) of this section that is received during the biennium. An amountequal to that estimate shall be transferred into the Oregon Rainy Day Fundestablished by ORS 293.144 on or before June 30 of each odd-numbered year. [2009c.747 §4]

 

318.080 [1981 c.720 §20;repealed by 1993 c.730 §9 (315.134 enacted in lieu of 316.084, 317.133 and318.080)]

 

318.085 [1991 c.859 §7;repealed by 1993 c.730 §27 (315.254 enacted in lieu of 316.151, 317.141 and318.085)]

 

318.090 [1981 c.778 §38;repealed by 2003 c.46 §45]

 

318.100 [1983 c.162 §49;repealed by 1995 c.79 §172]

 

318.102 [1985 c.438 §6;repealed by 1993 c.730 §13 (315.148 enacted in lieu of 316.098, 317.150 and 318.102)]

 

318.104 [1985 c.521 §5;repealed by 1993 c.730 §17 (315.156 enacted in lieu of 316.091, 317.148 and318.104)]

 

318.106ORS 317.151 as part of chapter. ORS 317.151 is incorporated into andmade a part of this chapter. [1985 c.695 §4; 2009 c.33 §29]

 

318.110 [1985 c.749 §5;repealed by 1993 c.730 §7 (315.104 enacted in lieu of 316.094, 317.102 and318.110)]

 

318.130ORS 317.329 as part of chapter. ORS 317.329 is incorporated into andmade a part of this chapter by reference. [1985 c.802 §21d; 2009 c.33 §30]

 

318.160 [1987 c.682 §9;repealed by 1993 c.730 §23 (315.208 enacted in lieu of 316.132, 317.114 and318.160)]

 

318.170 [1987 c.591 §17;repealed by 1997 c.170 §33]

 

318.175 [1987 c.682 §8;repealed by 1993 c.730 §21 (315.204 enacted in lieu of 316.134, 317.135 and318.175)]

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