justicedao/ipfs_state_laws huggingface dataset:
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.671. Qualifying investment contract; duration; remedies. (1) The Governor, in consultation with the Director of the Oregon Business Development Department and the Director of the Department of Revenue, may enter into, on behalf of the State of Oregon, a qualifying investment contract with any taxpayer according to the provisions of ORS 314.668 to 314.673. (2) Any contract executed pursuant to subsection (1) of this section on or after December 14, 2012, and before March 15, 2013, that meets the requirements of a qualifying investment contract is ratified by ORS 314.668 to 314.673. (3) A taxpayer may not satisfy the requirement that a qualifying investment result in an increase in the number of employees of the taxpayer by gain of another entitys existing Oregon employees through a merger or acquisition of any portion of that entity. (4) A qualifying investment contract executed under ORS 314.668 to 314.673 may not be less than five years duration and may not exceed 30 years duration. (5) The obligations of the State of Oregon under a qualifying investment contract: (a) Include the promise of this state that, if the taxpayer commences a qualifying investment, the taxpayers Oregon corporate tax liability may not exceed the amount the taxpayer would pay or owe under the single sales factor method for each tax year that ends during the term of the qualifying investment contract; and (b) May not be abridged, impaired, limited or modified by any subsequent law. (6) If a taxpayer that has executed a qualifying investment contract files a report or return with the Department of Revenue for a tax year ending during the term of the qualifying investment contract and reporting personal income taxes or corporate excise or income taxes imposed under ORS chapter 316, 317 or 318, that are determined in whole or part by apportioning income using the single sales factor method, the department may not assess a deficiency against the taxpayer that is attributable to the use of a different method of apportionment. (7) An action for a breach of a qualifying investment contract may be brought against the State of Oregon. (8) The sole and exclusive remedies for the State of Oregon in an action for breach of a qualifying investment contract brought by the state shall be: (a) A judgment rescinding the qualifying investment contract; and (b) A judgment awarding an amount equal to the difference, if any, between: (A) The amount of taxes due from the taxpayer under the single sales factor method from the date of breach through termination of the qualifying investment contract; and (B) The amount of taxes due from the taxpayer during the same period using the method of apportioning income: (i) Under the tax laws that would have applied to the taxpayer but for the qualifying investment contract; or (ii) Identified in the judgment as fairly representing the extent of the taxpayers business activity in this state.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.673. Rules; report to Legislative Assembly. (1) The Oregon Business Development Department may, after consultation with the Department of Revenue, adopt rules to implement ORS 314.668 to 314.673, including rules that define terms consistently with ORS 314.668 to 314.673. Rules adopted under this section apply only to qualifying investment contracts executed on or after the date the rule is adopted. (2) On or before February 15 of each odd-numbered year, the Oregon Business Development Department shall report to the Legislative Assembly in the manner provided in ORS 192.245 regarding the progress of qualifying investment contracts executed under ORS 314.668 to 314.673, including whether each taxpayer subject to a qualifying investment contract has complied with the employment requirement under ORS 314.668 (4). [2012 s.s. c.1 6] (Broadcasting)
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.674. Apportionment of broadcasting sales. (1) As used in this section: (a) Broadcasting means the activity of transmitting programming through any one-way electronic signal by radio waves, microwaves, wires, coaxial cables, wave guides or other conduits of communications. (b) Total gross receipts means all gross receipts of a person engaged in broadcasting from transactions and activities in the regular course of the persons trade or business, except receipts from sales of real or tangible personal property. (2)(a) In the case of broadcasting sales, a taxpayers market for sales for purposes of ORS 314.665 is in this state if the taxpayers audience or subscribers are in this state. The numerator of the sales factor based on audience or subscribers shall include sales determined using third-party ratings information where available and a taxpayer with sales from broadcasting shall make actual information from the taxpayers books, papers, records or memoranda available to the Department of Revenue to determine the taxpayers audience or subscribers. (b) The denominator of the sales factor shall include the total gross receipts derived by the taxpayer from transactions in the regular course of the taxpayers trade or business, including receipts from real or tangible personal property. (c) If information sufficient for the taxpayer to determine audience or subscribers is not available, the ratio of population in Oregon to population in the United States shall be used to apportion income. (3) For broadcasting sales receipts that derive from licensing to subscription services or advertising on subscription services, if information sufficient for the taxpayer to determine audience or subscribers is not available, the taxpayer shall use 0.6 percent multiplied by the taxpayers receipts from licensing to subscription services and from advertising on subscription services in the numerator of the sales factor. (4) A taxpayer engaged in broadcasting may elect to use subsection (2) of this section in apportioning the taxpayers total gross receipts. [2021 c.74 2] Note: Section 5, chapter 74, Oregon Laws 2021, provides: Sec. 5. Section 2 of this 2021 Act [314.674], the amendments to ORS 314.665 by section 3 of this 2021 Act and the repeal of ORS 314.680, 314.682, 314.684, 314.686,
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.675. Apportionment of net loss; net loss deduction; limitations. If the operations of a taxpayer subject to ORS 314.280 or 314.615 result in a net loss, that net loss shall be apportioned in the same manner as the net income so as fairly and accurately to reflect the net loss of the business done within this state. The net loss applicable to Oregon income pursuant to this section shall then become the net loss deduction for subsequent years which may be deducted from apportioned net income in the same manner as set forth in the Personal Income Tax Act of 1969, and in ORS chapters 317 and 318. The limitations as to the amount deductible and the time limitations in those statutes shall apply to the apportioned net loss deduction computed pursuant to this section.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.688. on or after January 1, 2020. [2021 c.74 5] (Apportionment of Net Loss)
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.690. [1989 c.792 7; repealed by 2021 c.74 4] (Application)
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.695. Application of ORS 314.280 and 314.605 to 314.675. The provisions of ORS 314.280 and 314.605 to 314.675 apply to the allocation and apportionment of the income of corporations and nonresident individuals, and do not apply to the income of resident individuals, resident estates, and resident trusts taxable as provided in the Personal Income Tax Act of 1969. [1967 c.60 2; 1969 c.493 90] (Controlled Foreign Corporations)
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.698. Treatment of global intangible low-taxed income. For purposes of ORS 317.267, amounts of global intangible low-taxed income described in section 951A of the Internal Revenue Code and included in gross income shall be treated in the same manner as a dividend.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.710. [1967 c.242 7; 1969 c.493 91; repealed by 2015 c.480 6] TAXATION OF PARTNERSHIPS AND S CORPORATIONS (Partnerships)
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.712. Partnerships not subject to income tax; exceptions. (1) Except as provided in ORS 314.722 or 314.731 to 314.737, a partnership as such is not subject to the tax imposed by ORS chapter 316, 317 or 318. Partnership income shall be computed pursuant to section 703 of the Internal Revenue Code, with the modifications, additions and subtractions provided in this chapter and ORS chapter 316. Persons carrying on business as partners are liable for the tax imposed by ORS chapter 316, 317 or 318 on their distributive shares of partnership income only in their separate or individual capacities. (2) If a partner engages in a transaction with a partnership other than in the partners capacity as a member of the partnership, the transaction shall be treated in the manner described in section 707 of the Internal Revenue Code.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.714. Character of partnership income; procedure if partners treatment of item inconsistent with partnership treatment; rules. (1) Each item of partnership income, gain, loss or deduction has the same character for a partner as it has for federal income tax purposes. If an item is not characterized for federal income tax purposes, it has the same character for a partner as if realized directly from the source from which realized by the partnership or incurred in the same manner as incurred by the partnership. (2) A partners distributive share of an item of partnership income, gain, loss or deduction (or item thereof) shall be that partners distributive share of partnership income, gain, loss or deduction (or item thereof) for federal income tax purposes as determined under section 704 of the Internal Revenue Code and adjusted for the modifications, additions and subtractions provided in this chapter and ORS chapters 316, 317 and 318. (3) A partner shall, on the partners return, treat a partnership item in a manner that is consistent with the treatment of the partnership item on the partnership return, unless the partner notifies the Department of Revenue of the inconsistency. The department shall prescribe by rule the method for notification of an inconsistency.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.716. Basis of partners interest; gain or loss on sale; election to adjust basis. (1) The adjusted basis of a partners interest in a partnership shall be determined pursuant to the method described in sections 704(c)(1)(B)(iii), 705 and 733 of the Internal Revenue Code, and shall be increased or decreased as provided in this chapter and ORS chapter 316, 317 or 318, whichever is applicable. (2) Upon the sale or exchange of an interest in a partnership, gain or loss shall be recognized to the transferor partner pursuant to section 741 of the Internal Revenue Code. (3) If a partnership elects to adjust the basis of its assets under section 754 of the Internal Revenue Code, then upon a transfer of an interest in the partnership by sale or exchange or upon a death of a partner, that election shall also be effective for Oregon income tax purposes.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.718. Treatment of contributions to partnership. (1) Amounts paid or incurred to organize a partnership may be deducted in the manner provided in section 709(b) of the Internal Revenue Code. (2) No gain or loss shall be recognized upon a contribution of property to a partnership in exchange for an interest in a partnership, unless allowed pursuant to section 721(b) of the Internal Revenue Code. (3) The partnerships basis in property contributed to it by a partner is the adjusted basis of the property to that partner at the time of the contribution, plus the amount (if any) of gain recognized by that partner as a result of the transfer of property to the partnership. The partnerships holding period includes the period during which the property was held by the partner. (4) Any increase in a partners share of partnership liabilities shall be considered as a contribution of money by the partner to the partnership, pursuant to section 752 of the Internal Revenue Code. (5) Section 724 of the Internal Revenue Code shall be applied in determining the character of gain or loss recognized by a partnership upon the disposition of contributed unrealized receivables, inventory items and capital loss property.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.720. Treatment of distributions from partnership. (1) Gain or loss shall not be recognized by a partner upon a distribution by a partnership to that partner, except to the extent provided in section 731 of the Internal Revenue Code. (2) The character of gain or loss on the disposition by a distributee partner of unrealized receivables or inventory items shall be determined pursuant to section 735 of the Internal Revenue Code. (3) The basis of property (other than money) distributed by a partnership to a partner shall be determined pursuant to sections 704(c)(1)(B)(iii) and 732 of the Internal Revenue Code, and shall be increased or decreased as provided in ORS chapter 316. (4) If a partnership makes the election to adjust the basis of its assets under section 754 of the Internal Revenue Code, then upon a distribution of property to a partner, that election shall also be effective for Oregon income tax purposes. (5) Payments made by a partnership in liquidation of the interest of a retiring partner or a deceased partner shall be accorded the treatment provided under section 736 of the Internal Revenue Code. (6) Any decrease in a partners share of partnership liabilities or any decrease in a partners individual liabilities by reason of the assumption by the partnership of the partners individual liabilities, shall be considered to be a distribution of money to the partner by the partnership under section 752 of the Internal Revenue Code.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.722. Publicly traded partnerships taxed as corporations. (1) As used in this section, publicly traded partnership means a partnership treated as a corporation for federal income tax purposes under section 7704 of the Internal Revenue Code for the tax year. (2) Persons carrying on business as partners in a publicly traded partnership are not subject to tax under ORS chapter 316, 317 or 318 on their distributive shares of partnership income, but the publicly traded partnership is taxable as a corporation under ORS chapter 317 or 318 as provided under ORS chapter 317 or 318.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.724. Information return; penalty; rules. (1) Every partnership having a resident partner or having any income derived from sources in this state, determined in accordance with the applicable rules as in the case of a nonresident individual, shall make a return for the taxable year setting forth all items of income, gain, loss and deduction, and the names and addresses of the individuals (whether residents or nonresidents) who would be entitled to share in the net income, if distributed, and the amount of the distributive share of each individual, and any other pertinent information the Department of Revenue may prescribe by regulations and instructions. The return shall be filed on or before the due date of the corresponding federal return for the tax year as prescribed under the Internal Revenue Code and the regulations adopted pursuant thereto. For purposes of this section, taxable year means a year or period which would be a taxable year of the partnership if it were subject to tax under ORS chapter 316. (2) If a partnership transacting business in this state is required to make a return under subsection (1) of this section and fails to file the return or files a return which fails to show the information required under subsection (1) of this section, the Department of Revenue shall assess a penalty against the partnership in the amount specified in subsection (3) of this section for each month or part of a month during which the failure continues. (3) The amount of the penalty imposed under subsection (2) of this section shall be determined by the department by rule. However, the amount of the penalty imposed for each month may not exceed the product of $50 multiplied by the number of persons who were partners in the partnership during any part of the taxable year, and the total amount of the penalty may not exceed five times the monthly penalty. (4) The penalty imposed under this section is in addition to any other penalty provided by law. Any partnership against which a penalty is assessed under this section may appeal to the tax court as provided in ORS 305.404 to 305.560. If the penalty is not paid within 10 days after the order of the tax court becomes final, the department may record the order and collect the amount assessed in the same manner as income tax deficiencies are recorded and collected under ORS
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.725. Privilege tax applicable to partnerships. Each partnership transacting business in this state shall, for the privilege of carrying on or doing business by it within this state, include with the filing of the return required under ORS 314.724 payment of a minimum tax of $150.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.726. Application of ORS 314.724. ORS 314.724 shall apply to both corporate and noncorporate partners.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.727. Disclosure of partnership items to partner. The Department of Revenue may disclose to a partner of a partnership those items of partnership gain, loss or other particulars relating to the partnership that are necessary to determine or administer the tax imposed by ORS chapter 316, 317 or 318 if the department considers the disclosure necessary to facilitate the audit of the partners income or excise tax return.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.730. [1989 c.625 41; renumbered 314.761 in 2019] (Centralized Partnership Audit Regime)
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.731. Definitions. As used in ORS 314.731 to 314.737: (1) Adjustment means a partnership adjustment, as defined in section 6241 of the Internal Revenue Code, whether that adjustment arises from action by the Internal Revenue Service or from the taxpayers filing of an amended federal return, a federal refund claim or similar report, including any report made under section 6225(c) of the Internal Revenue Code, or an administrative adjustment request. (2) Adjustments report means a report used by a taxpayer to state adjustments to any partnership-related items. (3) Administrative adjustment request means a request filed by a partnership under section 6227 of the Internal Revenue Code. (4) Audited partnership means a partnership subject to a partnership-level audit from which an adjustment arises. (5) Corporate partner means a partner that is subject to the tax imposed under ORS chapter 317 or 318. (6) Direct partner means a partner that holds an interest directly in a partnership or pass-through entity. (7) Federal partnership representative means the person that a partnership designates for the tax year as the partnerships representative, or the person the Internal Revenue Service has appointed to act as the federal partnership representative, pursuant to section 6223(a) of the Internal Revenue Code. (8) Indirect partner means a partner in a partnership or pass-through entity that holds an interest directly, or through another indirect partner, in a partnership or pass-through entity. (9) Nonresident partner means a partner that is not a resident partner and is an individual, a trust or an estate. (10) Partnership-level audit means an examination by the Internal Revenue Service at the partnership level pursuant to sections 6221 to 6241 of the Internal Revenue Code from which an adjustment arises. (11) Resident partner means a partner that is an individual who is a resident of this state as defined in ORS 316.027 for the tax year or is a resident trust or a resident estate as defined in ORS 316.282. (12) Reviewed year means the tax year of a partnership that is required to be or elects to be subject to a partnership-level audit from which adjustments arise. (13) Taxpayer means: (a) A partner that is subject to the tax imposed under ORS chapter 316, 317 or 318; (b) A partnership that is subject to a partnership-level audit or that has made an administrative adjustment request; or (c) A tiered partner of a partnership. (14) Tiered partner means a partner that is a partnership or pass-through entity.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.735. Time limit for notice of deficiency. The Department of Revenue shall assess additional tax, interest and penalties for adjustments arising from an audit by the Internal Revenue Service, including a partnership-level audit, or reported by the taxpayer on an amended federal return, federal refund claim or other similar report, including a report required under section 6225(c) of the Internal Revenue Code, or as part of an administrative adjustment request, by the following dates: (1) If a taxpayer files with the department an adjustments report or an amended Oregon tax return as required within the period specified in ORS 314.733, the department may assess any amounts, including in-lieu-of amounts, taxes, interest or penalties arising from the adjustments. The department shall issue a notice of deficiency to the taxpayer on or before the later of: (a) The expiration of the applicable limitations period specified in ORS 314.410; or (b) Two years following the earlier of the date the department is notified by the Internal Revenue Service or the date the taxpayer files the adjustments report or amended Oregon tax return with the department. (2) If the taxpayer fails to file an adjustments report within the period specified in ORS 314.733 or if the adjustments report filed by the taxpayer omits adjustments or understates the correct amount of tax owed, the department may assess any amounts, including in-lieu-of amounts, taxes, interest or penalties arising from the adjustments. The department shall issue a notice of deficiency to the taxpayer on or before the later of: (a) The expiration of the applicable limitations period specified in ORS 314.410; or (b) Two years following the earlier of the date the department is notified by the Internal Revenue Service or the date the taxpayer files the adjustments report with the department.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.737. Time limit for claim for refund or credit. Except for adjustments required to be reported for federal purposes under section 6225(a)(2) of the Internal Revenue Code, a taxpayer shall file a claim for refund or credit of tax arising from adjustments made by the Internal Revenue Service on or before the later of: (1) The expiration of the last date for filing a claim for refund pursuant to ORS
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.739. enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 314 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.760. [1989 c.625 54; repealed by 2005 c.387 8] (S Corporations)
ORS Chapter 314 — Taxes Imposed Upon or

ORS 314.761. C corporation and S corporation defined for this chapter and ORS chapters 316, 317 and 318. For purposes of this chapter and ORS chapters 316, 317 and 318: (1) C corporation means, with respect to any taxable year, a corporation which is not an S corporation for such year. (2) S corporation means, with respect to any taxable year, a corporation for which an election under section 1362(a) of the Internal Revenue Code is in effect for such year. [Formerly 314.730]