Instructions For Form 20-I - Oregon Corporation Income Tax

Oregon surplus rebate credit

Payment options

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

Important: For details about making payments with your

surplus revenues will no longer be credited to corpo-

return, see “Filing checklist.”

rate taxpayers when actual revenues exceed the revenue

Estimated payments may be made by electronic funds

forecast for the biennium by more than 2 percent. Any

transfer (EFT), directly online, or by mail.

future excess corporate revenues will be appropriated to

EFT. You must make your Oregon estimated payments

the State School Fund. (ORS 291.349)

by EFT if you’re required to make your federal estimated

Qualified equity investment tax credit

payments by EFT. We may grant a waiver from participa-

tion in the EFT program if you would be disadvantaged

You can carry forward unused credits for up to five

by the requirement. (OAR 150-314.518)

years on investments made on or after January 1, 2014

and before July 1, 2016. For more information on qualify-

If you don’t meet the federal requirements for mandatory

participation in the EFT program, you may participate

ing investments and entities, visit

on a voluntary basis.

(ORS 315.533)

A business is required to have an authorization agreement

University venture development fund contribution credit

filed with us before it can start initiating EFT payments.

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

The EFT help/message phone number is 503-947-2017.

university venture development fund contribution credit

For more information, visit ,

shall be claimed in three consecutive tax years begin-

then on the left navigation bar, click on “Electronic fil-

ning with the year in which the credit’s initially allowed.

ing,” then click on “Tax professionals.”

(ORS 315.521)

EFT payments for corporation estimated taxes must be

Tax credit sunsets

made using our EFT program. This program allows pay-

ments to be initiated by touch-tone telephone, a secure

Beginning January 1, 2014, the following tax credits aren’t

internet site, or through your financial organization. If

available, except for applicable carryforward purposes:

you pay by EFT, don’t send Form 20-V, Oregon Corpora-

• Agricultural Workforce Housing Lender’s Credit, ORS

tion Tax Payment Voucher and Instructions, 150-102-172.

317.147

Online. See for more information.

• Contributions of Computers and Scientific Equipment

Credit, ORS 317.151

Mail. If paying by mail, send each payment with a Form

• Workers’ Compensation Credit, ORS 317.122 (for

20-V payment voucher.

20-INS only).

Worksheet to calculate Oregon estimated tax

Estimated tax payments

(Keep for your records—don’t file with payment.)

1. Oregon net income expected in

Requirements

upcoming tax year.

Oregon estimated tax laws aren’t the same as federal esti-

2. Tax on Oregon net income (see

mated tax laws. You must make estimated tax payments

tax rate tables for corporation tax

if you expect to owe tax of $500 or more with your return.

rate).

If you don’t make estimated payments as required, you

3. Subtract tax credits allowable in

may be subject to interest on underpayment of estimated

upcoming tax year.

tax (UND). If you have an underpayment, refer to Form

4. Net tax (line 2 minus line 3).

37, Underpayment of Oregon Corporation Estimated Tax,

If the amount on line 4 is less

150-102-037.

than $500, stop. You don’t have

to make estimated tax payments.

Payment due dates

Caution: If your final tax

Estimated tax payments are due quarterly, as follows:

liability when you file your

return is $500 or more, you may

• Calendar year filers: April 15, June 15, September 15,

be subject to UND.

and December 15.

5. Amount of each payment.

• Fiscal year filers: The 15th day of the 4th, 6th, 9th, and

(Divide line 4 by the number of

12th months of your fiscal year.

payments you need to make.

• If the due date falls on a Saturday, Sunday, or legal hol-

This is usually 4.)

iday, use the next regular business day.

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

Form 20-I Instructions

Instructions For Form 20-I - Oregon Corporation Income Tax - 2014 Page 3

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