ORS 315.068
Claim of right income repayment adjustments


(1)

A credit against the taxes otherwise due under ORS chapter 316 (or, if the taxpayer is a corporation, under ORS chapter 317 or 318) shall be allowed to a taxpayer for a claim of right income repayment adjustment.

(2)

The credit shall be allowed under this section only if the taxpayer’s federal tax liability is determined under section 1341(a) of the Internal Revenue Code.

(3)

The amount of the credit shall equal the difference between:

(a)

The taxpayer’s actual Oregon state tax liability for the tax year for which the claim of right income was included in gross income for federal tax purposes; and

(b)

The taxpayer’s Oregon state tax liability for that tax year, had the claim of right income not been included in gross income for federal tax purposes.

(4)

A credit under this section shall be allowed only for the tax year for which the taxpayer’s federal tax liability is determined under section 1341 of the Internal Revenue Code for federal tax purposes.

(5)

If the amount allowable as a credit under this section, when added to the sum of the amounts allowable as a payment of tax under ORS 314.505 (Estimate of tax liability by corporations) to 314.525 (Underpayment of estimated tax), 316.187 (Amount withheld is in payment of employee’s tax) and 316.583 (Effect of payment of estimated tax or installment), other payments of tax and other refundable credit amounts, exceeds the taxes imposed by ORS chapters 314, 315, 316, 317 and 318 (reduced by any nonrefundable credits allowed for the tax year), the excess shall be treated as an overpayment of tax and shall be refunded or applied in the same manner as other tax overpayments.

(6)

As used in this section, “claim of right income” means:

(a)

An item included in federal gross income for a prior tax year because it appeared that the taxpayer had an unrestricted right to the item; and

(b)

An item for which the taxpayer’s federal tax liability is adjusted under section 1341 of the Internal Revenue Code because the taxpayer did not have an unrestricted right to the item of gross income. [1999 c.1007 §2; 2001 c.660 §19]
(Temporary provisions relating to personal income tax credit allowed based on payment of pass-through business alternative income tax)
Note: Sections 7, 8 and 10 to 13, chapter 589, Oregon Laws 2021, provide:
Sec. 7. Section 8 of this 2021 Act is added to and made a part of ORS chapter 315. [2021 c.589 §7]
Sec. 8. (1) If a pass-through entity, as defined in section 2 of this 2021 Act, elects to owe and pay the pass-through business alternative income tax determined under section 3 of this 2021 Act, a taxpayer that is a member of the pass-through entity shall be allowed a credit against the taxes that are otherwise due under ORS chapter 316. For each pass-through entity of which the taxpayer is a member, the credit allowed under this section shall equal the member’s pro rata share of the tax paid for the tax year under section 3 of this 2021 Act.

(2)

If the amount allowable as a credit under this section, when added to the sum of the amounts allowable as payment of tax under ORS 316.187 (Amount withheld is in payment of employee’s tax) or 316.583 (Effect of payment of estimated tax or installment), other tax prepayment amounts and other refundable credit amounts, exceeds the taxes imposed by ORS chapters 314 and 316 for the tax year after application of any nonrefundable credits allowable for purposes of ORS chapter 316 for the tax year, the amount of the excess shall be refunded to the taxpayer as provided in ORS 316.502 (Distribution of revenue to General Fund). [2021 c.589 §8]
Sec. 10. Sections 3 and 8 of this 2021 Act apply to tax years beginning on or after January 1, 2022, and before January 1, 2024. [2021 c.589 §10]
Sec. 11. Sections 3 and 8 of this 2021 Act are repealed. [2021 c.589 §11]
Sec. 12. The repeal of sections 3 and 8 of this 2021 Act by section 11 of this 2021 Act applies to any tax year that begins on or after January 1, 2022, and before January 1, 2024, and to which section 164(b)(6) of the Internal Revenue Code is not applicable. [2021 c.589 §12]
Sec. 13. The repeal of sections 3 and 8 of this 2021 Act by section 11 of this 2021 Act becomes operative on the date on which section 164(b)(6) of the Internal Revenue Code is repealed. [2021 c.589 §13]
AGRICULTURE; FISHERIES; FORESTRY

Source: Section 315.068 — Claim of right income repayment adjustments, https://www.­oregonlegislature.­gov/bills_laws/ors/ors315.­html.

315.004
Definitions
315.037
Tax expenditures applicable for limited time
315.044
Statement of purpose
315.047
List of tax credits with revenue impact in excess of projection
315.051
Report by Legislative Revenue Officer
315.052
Limitation on transfer or sale of credit
315.053
Restriction on types of transferees
315.054
Federal tax credits allowable only as specified
315.056
Conditions for transfer of tax credit
315.058
Agency to provide tax credit approval information to Department of Revenue
315.061
Suspension, revocation or forfeiture
315.063
Waiver of substantiation by Department of Revenue
315.068
Claim of right income repayment adjustments
315.104
Reforestation
315.106
Reforestation credit preliminary certificate
315.108
Annual reforestation credit cost limitation
315.111
Legislative declarations regarding riparian land conservation
315.113
Voluntary removal of riparian land from farm production
315.117
Legislative findings and declarations regarding on-farm processing
315.119
On-farm processing facilities
315.123
Minimum production and processing volume requirements
315.138
Screening devices, by-pass devices or fishways
315.141
Biomass production or collection
315.144
Transfer of biomass credit
315.154
Definitions for crop donation credit
315.156
Crop donation
315.163
Definitions for ORS 315.163 to 315.169
315.164
Agriculture workforce housing projects
315.167
Agriculture workforce housing credit application
315.169
Agriculture workforce housing contributor credit
315.171
Tax credit limit for biennium
315.174
Livestock killed by wolf
315.176
Bovine manure production or collection
315.184
Annual limitation on total amount of tax credits
315.204
Dependent care assistance
315.208
Dependent care facilities
315.213
Contributions to Office of Child Care
315.237
Employee and dependent scholarship program payments
315.262
Working family child care
315.264
Working family household and dependent care expenses
315.266
Earned income
315.271
Individual development accounts
315.272
Certain individual development account withdrawals
315.304
Pollution control facilities
315.326
Renewable energy development contributions
315.329
Funding in lieu of tax credit certification
315.331
Energy conservation projects
315.336
Transportation projects
315.341
Renewable energy resource equipment manufacturing facilities
315.354
Energy conservation facilities
315.356
Other grants as offset to cost of energy conservation facility
315.357
Time limit applicable to energy conservation tax credit
315.465
Biofuels and fuel blends
315.469
Biodiesel used in home heating
315.506
New business facility in reservation enterprise zone or reservation partnership zone
315.507
Electronic commerce in designated enterprise zone
315.508
Recordkeeping requirements
315.514
Film production development contributions
315.516
Funding in lieu of tax credit certification
315.517
Water transit vessels
315.523
Employee training
315.526
Short title
315.529
Definitions
315.533
Qualified equity investments
315.536
Transferability of credit
315.591
Definitions
315.593
Short line railroad rehabilitation projects
315.595
Preliminary certification
315.597
Final certification
315.599
Fees
315.603
Tax credit limit for biennium
315.610
Long term care insurance
315.613
Credit available to persons providing rural medical care and affiliated with certain rural hospitals
315.616
Additional providers who may qualify for credit
315.619
Credit for medical staff at type C hospital
315.622
Rural emergency medical services providers
315.624
Medical care to residents of Oregon Veterans’ Home
315.628
Health care services under TRICARE contract
315.631
Certification of health care providers
315.640
University venture development fund contributions
315.643
Opportunity Grant contributions
315.646
Funding in lieu of tax credit certification
315.650
Higher education savings account or ABLE account contributions
315.653
Forfeiture of prior tax relief
315.675
Trust for Cultural Development Account contributions
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