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Post details: Oregon --Corporate Income Tax: Insurance Companies to Use Single Factor Apportionment
07/12/07
Oregon --Corporate Income Tax: Insurance Companies to Use Single Factor Apportionment
CCH (cch.taxgroup.com) reports:
Insurance companies doing business both within and without Oregon must use a single sales factor apportionment formula in computing their state corporation excise (income) tax liability for tax years beginning after 2006. Except for a few special industries, other corporations have been required to use a single sales factor since July 1, 2005. Also, for apportionment purposes both before and after 2006, if the required apportionment method results in an apportionment that does not fairly and equitably represent the corporation's insurance business activity in Oregon, the taxpayer may petition the Department of Revenue for, and the Department may permit or require, an alternative method of apportionment.
S.B. 179, Laws 2007, effective September 27, 2007, applicable as noted.
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