USA Statutes : oregon
Title : TITLE 28 PUBLIC FINANCIAL ADMINISTRATION
Chapter : Chapter 318 Corporation Income Tax

This chapter shall be known and may be cited as the Corporation Income
Tax Act of 1955, and it shall be administered by the Department of
Revenue. [1955 c.334 §1] (1) There hereby is imposed upon every
corporation for each taxable year a tax at the rate provided in ORS
317.061 upon its Oregon taxable income derived from sources within this
state, other than income for which the corporation is subject to the tax
imposed by ORS chapter 317 according to or measured by its Oregon taxable
income.

(2) Income from sources within this state includes income from
tangible or intangible property located or having a situs in this state
and income from any activities carried on in this state, regardless of
whether carried on in intrastate, interstate or foreign commerce.

(3) Income that constitutes net long-term capital gain described in
ORS 317.063 shall be taxed at the rate imposed under ORS 317.063. [1955
c.334 §2; 1957 c.607 §9; 1957 c.633 §1; 1961 c.55 §1; subsection (3)
enacted as 1961 c.55 §2; 1975 c.368 §7; 1983 c.162 §44; 1999 c.21 §49;
2001 c.545 §5; 2005 c.94 §89]
It being the intention of
the Legislative Assembly that this chapter and ORS chapter 317 shall be
administered as uniformly as possible (allowance being made for the
difference in imposition of the taxes), ORS 305.140 and 305.150, ORS
chapter 314 and the following sections are incorporated into and made a
part of this chapter: ORS 285C.309, 315.104, 315.134, 315.156, 315.204,
315.208, 315.213, 315.254, 315.304, 315.507, 315.511 and 315.604 (all
only to the extent applicable for a corporation) and ORS chapter 317.
[1983 c.162 §46 (enacted in lieu of 318.030); 1984 c.1 §13; 1985 c.761
§23; 1987 c.293 §49; 1987 c.911 §8f; 1989 c.625 §24; 1989 c.911 §5; 1991
c.457 §15; 1991 c.652 §11; 1991 c.928 §5; 1993 c.730 §6; 1995 c.79 §171;
1997 c.835 §41; 1999 c.21 §50; 1999 c.358 §5; 2001 c.114 §43; 2001 c.292
§13; 2001 c.674 §12; 2001 c.932 §11; 2001 c.957 §19; 2005 c.80 §3; 2005
c.94 §90] In addition to the corporations exempt
from the provisions of this chapter by the incorporation in this chapter
of ORS 317.080, there shall also be exempt those foreign corporations
whose activities in this state are confined to purchases of personal
property, and the storage thereof incident to shipment outside the state,
unless such foreign corporation is an affiliate of another foreign or
domestic corporation which is doing business in Oregon or is subject to
this chapter. Whether or not corporations are affiliated shall be
determined as provided in section 1504 of the Internal Revenue Code.
[1955 c.334 §4; 1977 c.866 §7; 1984 c.1 §14; 1985 c.802 §34]     318.060 Rules and regulations; personnel. The Department of Revenue
is authorized to employ such personnel, and prescribe and prepare such
rules, regulations, forms and tables as are necessary to place this
chapter in operation. [1955 c.334 §7; 1957 c.528 §5] The net revenue from the tax
imposed by this chapter shall be paid over to the State Treasurer and
held in the General Fund as miscellaneous receipts available generally to
meet any expense or obligation of the State of Oregon lawfully incurred.
A working balance of unreceipted revenue from the tax imposed by this
chapter may be retained by the Department of Revenue for the payment of
refunds, but such working balance shall not at the close of any fiscal
year exceed the sum of $50,000. [1955 c.334 §5]