ORS 316.502
Distribution of revenue to General Fund; working balance; refundable credit payments


(1)

The net revenue from the tax imposed by this chapter, after deducting refunds and amounts described in ORS 285B.630 (Department to obtain employment and wage information for eligible employers at regionally significant industrial sites and determine estimated incremental income tax revenues) and 285C.635 (Determination of personal income tax revenue), 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.

(2)

A working balance of unreceipted revenue from the tax imposed by this chapter may be retained for the payment of refunds, but such working balance shall not at the close of any fiscal year exceed the sum of $1 million.

(3)

Moneys are continuously appropriated to the Department of Revenue to make:

(a)

The refunds authorized under subsection (2) of this section; and

(b)

The refund payments in excess of tax liability authorized under ORS 315.174 (Livestock killed by wolf), 315.262 (Working family child care), 315.264 (Working family household and dependent care expenses) and 315.266 (Earned income) and section 17, chapter 906, Oregon Laws 2007. [1969 c.493 §70; 1977 c.761 §2; 2003 c.473 §12; 2005 c.826 §§4,4a; 2005 c.832 §§55,60; 2007 c.843 §§84,85,86,87; 2007 c.868 §§6,6a,7,7a; 2007 c.906 §§19,19a,20,20a; 2011 c.83 §17; 2013 c.722 §53; 2013 c.750 §47; 2013 c.763 §7; 2015 c.701 §4]
Note: Sections 13 and 14, chapter 105, Oregon Laws 2018, provide:
Sec. 13. Transfer of excess capital gains revenue above forecast. (1) Not earlier than July 1 and not later than October 1 of the years 2019, 2021 and 2023, the division of the Oregon Department of Administrative Services that serves as office of economic analysis shall:

(a)

Calculate the rate of change in the tax liability from personal income taxes on taxable capital gains during the five preceding biennia; and

(b)

Use the rate of change calculated under paragraph (a) of this subsection to forecast the tax liability from personal income taxes on taxable capital gains for the biennium beginning on July 1 of the year in which the calculation is made.

(2)

Not later than November 1 of the odd-numbered year following each calculation under subsection (1) of this section, the Oregon Department of Administrative Services, in consultation with the Department of Revenue, shall estimate the tax liability from personal income taxes on taxable capital gains for the previous biennium.

(3)

Not later than November 30 of the odd-numbered year in which the estimate is made under subsection (2) of this section, the Oregon Department of Administrative Services, in consultation with the Department of Revenue, shall determine whether the tax liability from personal income taxes on capital gains estimated under subsection (2) of this section, less any amount required to be returned to taxpayers under ORS 291.349 (Revenue estimate), exceeds the tax liability from personal income taxes on taxable capital gains forecasted under subsection (1) of this section.

(4)

Except as provided in subsection (5) of this section, on the last business day of the odd-numbered year in which the estimate is made under subsection (2) of this section, the Department of Revenue shall transfer an amount equal to 25 percent of any excess calculated under subsection (3) of this section to the School Districts Unfunded Liability Fund established in section 24, chapter 105, Oregon Laws 2018.

(5)

The Department of Revenue may not make a transfer under subsection (4) of this section if:

(a)

The Legislative Assembly has appropriated moneys from the Oregon Rainy Day Fund under ORS 293.144 (Oregon Rainy Day Fund) on or after June 2, 2018; or

(b)

The Public Employees Retirement System is more than 90 percent funded as determined in accordance with rules adopted by the Public Employees Retirement Board.

(6)

The Department of Revenue shall retain unreceipted revenue from the tax imposed under ORS chapter 316 in an amount necessary to make the transfer required under subsection (4) of this section. The department shall make the transfer out of the unreceipted revenue in lieu of paying the revenue over to the State Treasurer for deposit in the General Fund. [2018 c.105 §13; 2019 c.355 §49]
Sec. 14. The division of the Oregon Department of Administrative Services that serves as office of economic analysis shall make the first calculation required under section 13 (1) of this 2018 Act not later than October 1, 2019. The calculation shall be for the five biennia beginning July 1, 2009. [2018 c.105 §14]
Chapter 316

Notes of Decisions

Unless the divorce decree specifically designates that payments are for child support, payments will be treated as alimony. Henderson v. Dept. of Rev., 5 OTR 153 (1972)

The goal of this chapter is to incorporate all of the provisions of the federal Internal Revenue Code; taxable income should be adjusted whenever the result of the adjustment is to give effect to the policies or principles of the federal Internal Revenue Code, even though no express authority for the adjustment is present in the statutes. Christian v. Dept. of Rev., 269 Or 469, 526 P2d 538 (1974); Smith v. Dept. of Rev., 270 Or 456, 528 P2d 73 (1974)

By its enactment of this chapter, the legislature intended to adopt §172 of the federal Internal Revenue Code allowing for the carryback and carryforward of net operating losses. Christian v. Dept. of Rev., 269 Or 469, 526 P2d 538 (1974)

Where plaintiff failed to appeal timely as required by this section, appeal rights were not preserved so that cause could be considered on merits. Dela Rosa v. Dept. of Rev., 11 OTR 201 (1989), aff’d 313 Or 284, 832 P2d 1228 (1992)

Where taxpayers paid foreign income taxes on foreign income and claimed foreign taxes paid as federal tax credit and as state business expense deduction, taxpayers who claim federal foreign tax credit are entitled only to foreign tax deduction provided in ORS 316.690. Whipple v. Dept. of Rev., 309 Or 422, 788 P2d 994 (1990)

For purposes of claim preclusion, all issues regarding taxpayer’s income tax liability for tax year constitute same claim. U.S. Bancorp v. Dept. of Revenue, 15 OTR 13 (1999)

Atty. Gen. Opinions

Political contributions as credit against Oregon tax return, (1974) Vol 37, p 159

Law Review Citations

57 OLR 309 (1978); 16 WLR 373 (1979)


Source
Last accessed
May. 15, 2020