Instructions For Form 20-I - Oregon Corporation Income Tax

• Renewable energy development contributions (auc-

• Dividends from other corporations in this consoli-

tion). If you claimed a federal deduction for the amount

dated Oregon return. Subtract 100 percent from fed-

you paid for your Oregon Renewable Energy Develop-

eral taxable income. [ORS 317.267(1)]

ment tax credit, you’ll have an Oregon addition for the

• IRC §78 dividends (gross-up dividends) are subtracted

amount of your deduction. (ORS 315.326)

in full from federal taxable income. (ORS 317.273)

• Safe harbor lease agreements. Oregon doesn’t tie to

• Worksheet for computing dividend deduction

the federal safe harbor lease provisions. See OAR 150-

(include a copy when filing your return).

317.349-(A) and 150-317.349-(B) for details about the

Dividends included in federal

1. ________

adjustments required for Oregon.

taxable income before “special

• Trust for Cultural Development Account contri-

deductions”

butions. Add to federal taxable income the amount

deducted as a charitable contribution on the federal

Subtract:

return. (ORS 315.675)

Dividends described in IRC

2a. ________

• University venture development fund contributions.

§243(d)(1) that are actually

Add to federal taxable income the amount of contri-

interest on deposits

butions used to calculate the University Venture Fund

Dividends described in IRC

2b. ________

Contribution credit that were deducted from federal

§245(c) and §246(d) (from FSCs

taxable income. (ORS 315.521)

and DISCs)

• Unused business credits. Unused business credits

Dividends from debt financed

2c. ________

taken as a federal deduction under IRC §196 must be

stock

added back to Oregon income. (ORS 317.304)

Dividends from corporations

2d. ________

Subtractions

included in consolidated

Oregon return

Line 8. Work opportunity credit wages not deducted

on the federal return. Enter the amount of wages that

IRC §78 Gross-Up

2e. ________

weren’t deducted on the federal return because the work

Dividends not treated as

2f. ________

opportunity credit was claimed. (ORS 317.303)

dividends under IRC §243(d) or

§965(c)(3)

Line 9. Interest on obligations of the United States and

its instrumentalities included in Form 20-I, line 1. This

Dividends described in IRC

2g. ________

applies to income tax filers only. Reduce the subtrac-

§246(a) or (c) that don’t receive

a deduction

tion by any expenses incurred to produce this interest

income.

Total (add lines 2a through 2g)

3. ________

Line 10. State of Oregon interest income included on

Balance subject to 70% (or 80%)

4. ________

deduction (line 1 minus line 3)

line 2 (Form 20-I only). Interest income from obliga-

tions of the state of Oregon isn’t taxable if the obligation

Percentage deduction

5. ________

was issued after May 24, 1961. Reduce the subtraction by

Subtotal deduction (line 5 × line 4)

6. ________

any expenses incurred to produce this interest income.

Add:

Line 11. Dividend deduction. Claim all Oregon divi-

Dividends described in IRC

7a. ________

dend deductions on this line. A 70 percent deduction

§245(c) and §246(d) (from FSCs

is allowed for qualifying dividends regardless of geo-

and DISCs) (100%)

graphic source. An 80 percent deduction is allowed for

Dividends from debt financed

7b. ________

dividends received from corporations whose stock is

stock (same as federal

owned 20 percent or more. Use the worksheet below for

deduction)

computing the Oregon dividend deduction and include

a copy with your return. (ORS 317.267)

Dividends from corporations

7c. ________

included in consolidated

The following are also included in the Oregon dividend

Oregon return (100%)

deduction calculation, if they were included in federal

IRC §78 Gross-Up (100%)

7d. ________

taxable income carried to the Oregon return:

Total Oregon deduction

8. ________

• Dividends from debt financed stock, to the extent

Line 12. Income of nonunitary corporations. Net

deductible for federal tax purposes. (IRC §246A)

[ORS 317.267(2)]

income of nonunitary corporations included in a consoli-

dated federal return must be eliminated from the Oregon

• Dividends from foreign sales corporations and

domestic international sales corporations, the net

return. Net income includes the separate taxable income,

income of which was included on line 4. (ORS 317.283,

as determined under Treasury Regulations adopted for

317.286)

IRC §1502, and any deductions, additions, or items of

150-102-021-1 (Rev. 10-14)

Form 20-I Instructions

Instructions For Form 20-I - Oregon Corporation Income Tax - 2014 Page 11

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