Or. Admin. R. 123-690-8100 - Excise/income Tax Credit

(1) The Governor's approval of a corporate excise or income tax credit under ORS 317.124 may take the form of a letter, memo or similarly official document that:

(a) Names the corporation and refers to its facility that is subject to certification and exemption under ORS 285C.400 to 285C.420;

(b) Simply grants the tax credit, approves the corporation's request or directs necessary action by State officials;

(c) Defines the number of years during which the tax credit may be claimed; and

(d) Is done and effective by the ultimate due date (including normal extensions) to file a tax return for the corporation's fourth income/excise tax year, in which exempt facility property is in service consistent with OAR 150-317-0245.

(2) In order for a certified business firm to claim the tax credit:

(a) Local certification of the firm by the enterprise zone sponsor must have occurred on or before June 30, 2018, as prescribed under ORS 285C.406(2)(b);

(b) The firm must own facility property exempt under ORS 285C.409(1) and not lease it from other than a commonly owned company; and

(c) The firm will need to fill out the latest revision of Department of Revenue Schedule OR-LTEZ, 150-102-043, Long-Term Enterprise Zone Facilities Credit, which is available at www.oregon.gov/DOR/forms/Pages/default.aspx, and submit it with the tax return for each applicable income/excise tax year of the corporation, starting no later than the final year prescribed under ORS 317.124(3)(a) consistent with subsection (1)(d) of this rule.

(3) For a certified business firm with two or more exemptions under ORS 285C.412(4), the Governor may approve the tax credit jointly for all such facilities and provide that the apportionment factor and tax credit threshold under ORS 317.124(6) and (7) apply collectively to those facilities.

Notes

Or. Admin. R. 123-690-8100

OBDD 29-2010, f. & cert. ef. 6-14-10; OBDD 11-2015, f. & cert. ef. 10/5/2015; OBDD 5-2017, amend filed 11/29/2017, effective 11/29/2017; OBDD 6-2020, amend filed 08/12/2020, effective 8/12/2020

Statutory/Other Authority: ORS 285A.075

Statutes/Other Implemented: ORS 317.124