Instructions For Form 20 - Oregon Corporation Excise Tax

Important:

Unexpired tax credit’s defined as “Any tax credit other-

wise allowable under this section which isn’t used by the

• If you’re claiming credits that require certification,

taxpayer in a particular year,” may be carried forward

make sure to include a copy of the certification with

and offset against the taxpayer’s tax liability for the next

your return.

succeeding tax year. [ORS 315.304(9)]

• All credit carryforwards are claimed on Schedule

Computation of credit for current year:

ASC-CORP.

• All carryforward amounts are claimed separately

Annual credit

1. _________

from current-year credits.

Add credit carryover from prior

2. _________

• Remember to attach any documentation required to be

years

submitted to claim credits, including certifications.

The certificate holder may carry forward any unused

• Taxpayers must take the full amount of a credit allowed

credit in any one tax year for up to three years. The

per year (ORS 314.078).

taxpayer should carry forward the oldest credit first.

Line 23. Pollution control facilities credit. Enter the fol-

Prepare and attach a schedule to show how you com-

lowing information from the face of the Pollution Con-

puted the credit carryover amount entered on line 2.

trol Facility Certificate to compute the annual tax credit.

Total credit available

3. _________

4a. Net tax after other credits

4a. ________

1. Actual cost of pollution control

1. ____________

facility

4b. Less: minimum tax per table

4b. ________

2. Percent of actual cost properly

2. ____________

4c. Maximum tax that can be offset

4c. ________

allocable to pollution control

by credit

You may choose the order in which tax credits will

3. Line 1 multiplied by line 2

3. ____________

reduce the current year tax. Prepare and attach a

4. Maximum tax credit allowed

4. ____________

schedule to show which credits you want to apply to

(50%)

your tax liability before the pollution control credit.

5. Eligible tax credit (line 3 multi-

5. ____________

Enter the net tax from your schedule on line 4a.

plied by line 4)

Pollution control facility tax credit

5. _________

for this year (lesser of line 3 or line

6. Remaining useful life (see

6. ____________

4c)

below)

Carry this amount to the line on your Oregon corpo-

7. Yearly allowable credit (line 5

7. ____________

ration, fiduciary, or individual tax return.

divided by line 6)

Credit potentially carried forward

6. _________

Remaining useful life

to future years (line 3 minus line 5)

The useful life of the facility begins on the date the tax-

Lines 24-26. Energy credits. After July 1, 2012, the Oregon

payer places the facility into operation. The taxpayer may

Business Energy Tax Credit (BETC) for renewable and

take the tax credit over the remaining useful life at the

conservation projects was replaced with three separate

time of certification but not less than one year or more

energy credits: the renewable energy contribution credit,

than 10 years. Calculate the spent life by subtracting the

the energy conservation project credit, and the energy

date you placed the facility into operation from the date

transportation project credit. The Oregon Department of

of certificate issuance.

Energy is responsible for the certification of these new

Example

credits. More information is available on our website and

on the Oregon Department of Energy website.

Year in date of issue

_________

2001

Year in placed in operation _________

2000

Line 27. Business energy credit. This credit’s for final

certifications received from the Department of Energy

Spent life

_________

on or before December 31, 2013.

Subtract the spent life from the useful life (one-year min-

Line 28. Energy manufacturing facility credit. The

imum, 10-year maximum).

renewable energy resource equipment manufactur-

ing facility component of the business energy credit’s

The 2001 legislature provided an additional three-year

claimed on line 28 of your Form 20. The Oregon Business

carryforward on any unexpired tax credit that exists as

Development Department (OBDD) administers and cer-

of the tax year of the taxpayer that begins in the 2001

tifies this credit.

calendar year. This means the certificate holder of these

certificates may carry forward unused credits for a total

Line 29. Total other credits. Use Schedule ASC-CORP to

of six years.

report the amount and description of “Other credits” not

150-102-020-1 (Rev. 10-14)

Form 20 Instructions

Instructions For Form 20 - Oregon Corporation Excise Tax - 2014 Page 16

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