Instructions For Form 20 - Oregon Corporation Excise Tax

(subject corporation) shall be included in Oregon income

What’s new?

as an “Other addition.” See ORS 317.715 for the listed for-

eign jurisdictions.

General

Use the subject corporation’s net income or loss as

Tie to federal tax law

reported on line 18, Schedule C of federal Form 5471.

Report each subject corporation’s income or loss as a

In general, Oregon income tax law is based on federal

separate amount on Schedule ASC-CORP, Oregon Adjust-

income tax law. Oregon is tied to the federal definition of

ments, 150-102-033. Don’t combine amounts of multiple

taxable income as of December 31, 2013; however Oregon

corporations.

is still disconnected from:

•

Federal subsidies for prescription drug plans.

If a subject corporation’s income has been excluded

(IRC§139A; ORS 317.401)

from your federal consolidated taxable income as car-

•

Domestic production activities. (QPAI) (IRC §199;

ried to your Oregon return, it’s a positive “Other addi-

ORS 317.398)

tion” [code 176]. If a subject corporation’s loss or item of

•

Deferral of certain deductions for tax years begin-

expense has been excluded from your federal consoli-

ning on or after January 1, 2009 and before January 1,

dated taxable income as carried to your Oregon return,

2011 may require subsequent Oregon modifications.

it’s a negative “Other addition” [code 177].

(IRC §108; §168(k); and §179; ORS 317.301)

Listed foreign jurisdictions—previously included

Interstate broadcasters (HB 4138)

amounts

For tax years beginning on or after January 1, 2014 and

If any portion of a subject corporation’s income, loss or

before January 1, 2017, an interstate broadcaster’s appor-

item of expense was already included in your Oregon

tionment will be determined based on the broadcast-

taxable income, it won’t be included again. If a portion of

er’s customers who are domiciled in Oregon. For tax

income was previously included, claim a separate “Other

years beginning on or after January 1, 2017, the method

subtraction” [code 367] for the portion of the income that

of apportionment of business income for the interstate

was previously included. Don’t combine this amount

broadcaster will revert to pre-HB 4138 law and will be

with the “Other addition” to report income. If any por-

based on an estimate of Oregon’s national audience or

tion of a subject corporation’s loss or item of expense was

subscribers’ share. (ORS 314.684 and 314.680)

already included in your Oregon taxable income, reduce

For more information, see “Special filing requirements.”

the “Other addition” loss for the portion that was previ-

ously included [code 177]. Include a schedule with your

Refund applications

return to explain how each amount is determined.

You may elect to apply part or all of your refund to your

For more information, see ORS 317.715 and the corre-

next estimated tax payment installment. Your election is

sponding administrative rules.

irrevocable.

Credits

We will apply the elected amount to the estimated tax

installment that next becomes due on or after the due

Important: Attach copies of all credit certifications to your

date of your return (not including extensions) or the

return when claiming any certified credit.

date the overpayment of tax was made, whichever is

later. The application will be credited as of the due date

Biomass production or collection credit

of your return (not including extensions) or the date the

Beginning on January 1, 2014, the biomass production or

overpayment of tax was made, whichever is later. See

collection credit isn’t allowed for canola grown, collected

instructions for Line 44.

or produced in the Willamette Valley. (ORS 315.141)

Repeal of ORS 317.057

Crop donation credit

(Exemption for certain out-of-state financial institutions)

For tax years beginning on or after January 1, 2014, and

For tax years starting January 1, 2014 and later, exemp-

before January 1, 2020, the amount of the credit has been

tion from corporation tax for certain out-of-state finan-

increased from 10 percent of the value of the quantity

cial institutions is no longer available. (ORS 317.057)

of the crop donated computed at the wholesale market

Additions and subtractions

price to 15 percent. (ORS 315.156)

Oregon surplus rebate credit

Listed foreign jurisdictions—income or loss (formerly

“tax havens”)

Tax biennia beginning on or after July 1, 2013, Oregon

surplus revenues will no longer be credited to corpo-

Taxable income or loss of any unitary corporation that’s

rate taxpayers when actual revenues exceed the revenue

incorporated in a listed foreign jurisdiction and isn’t

otherwise required to file a consolidated federal return

forecast for the biennium by more than 2 percent. Any

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

Form 20 Instructions

Instructions For Form 20 - Oregon Corporation Excise Tax - 2014 Page 2

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