Oregon ~ Multiple Taxes: IRC Conformity Updated

first_imgOregon Gov. Kate Brown has signed legislation that conforms Oregon’s corporate excise (income), personal income and property taxes to the Internal Revenue Code (IRC) as amended on December 31, 2016 (formerly, December 31, 2015). For property tax purposes, “income” means “adjusted gross income” as defined in the IRC as amended and in effect as of December 31, 2016. The new conformity date applies to transactions or activities occurring on or after January 1, 2017 in tax years beginning on or after January 1, 2017. Further, if a refund is due a taxpayer for a tax year beginning before January 1, 2017, because of any retroactive treatment from the amendments, the refund will be paid without interest. Taxpayers must file amended returns to claim refunds due as a result of the conformity date change. If a deficiency is assessed against a taxpayer for a tax year beginning before January 1, 2017, because of any retroactive treatment from the amendments, then any interest or penalty assessed with respect to the deficiency is canceled.S.B. 701, Laws 2017, effective on the 91st day following adjournment of the 2017 legislative sessionlast_img