Instructions For Form 20-I - Oregon Corporation Income Tax

Additions and subtractions

What’s new?

Listed foreign jurisdictions—income or loss (formerly

“tax havens”)

General

Taxable income or loss of any unitary corporation that’s

Tie to federal tax law

incorporated in a listed foreign jurisdiction and isn’t

In general, Oregon income tax law is based on federal

otherwise required to file a consolidated federal return

(subject corporation) shall be included in Oregon income

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

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

taxable income as of December 31, 2013; however Oregon

eign jurisdictions.

is still disconnected from:

Use the subject corporation’s net income or loss as

•

Federal subsidies for prescription drug plans.

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

(IRC§139A; ORS 317.401)

Report each subject corporation’s income or loss as a

•

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

separate amount on Schedule ASC-CORP, Oregon Adjust-

ORS 317.398)

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

Deferral of certain deductions for tax years begin-

•

corporations.

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

If a subject corporation’s income has been excluded

2011 may require subsequent Oregon modifications.

from your federal consolidated taxable income as car-

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

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

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

Interstate broadcasters (HB 4138)

expense has been excluded from your federal consoli-

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

dated taxable income as carried to your Oregon return,

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

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

tionment will be determined based on the broadcaster’s

Listed foreign jurisdictions—previously included

customers who are domiciled in Oregon. For tax years

amounts

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

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

apportionment of business income for the interstate

item of expense was already included in your Oregon

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

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

based on an estimate of Oregon’s national audience or

income was previously included, claim a separate “Other

subscribers’ share. (ORS 314.684 and 314.680)

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

was previously included. Don’t combine this amount

For more information, see “Special filing requirements”

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

in Form 20 Instructions, Oregon 2014 Corporation Excise Tax

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

Form 20 Instructions, 150-102-020-1.

already included in your Oregon taxable income, reduce

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

Refund applications

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

return to explain how each amount is determined.

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

next estimated tax payment installment. Your election is

For more information, see ORS 317.715 and the corre-

irrevocable.

sponding administrative rules.

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 date

return when claiming any certified credit.

the overpayment of tax was made, whichever is later. The

Biomass production or collection credit

application will be credited as of the due date of your

Beginning on January 1, 2014, the biomass production or

return (not including extensions) or the date the over-

collection credit isn’t allowed for canola grown, collected

payment of tax was made, whichever is later. See instruc-

or produced in the Willamette Valley. (ORS 315.141)

tions for Line 34.

Crop donation credit

Repeal of ORS 317.057

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

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

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

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

increased from 10 percent of the value of the quantity

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

of the crop donated computed at the wholesale market

cial institutions is no longer available. (ORS 317.057)

price to 15 percent. (ORS 315.156)

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

Form 20-I Instructions

Instructions For Form 20-I - Oregon Corporation Income Tax - 2014 Page 2

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