Oregon § 307.375 Type of corporation to which exemption under ORS 307.370 applicable

Oregon Statutes

§ 307.375 — Type of corporation to which exemption under ORS 307.370 applicable

Oregon § 307.375

Vol.8

Title 29Revenue and Taxation

Ch. 307Property Subject to Taxation; Exemptions

This text of Oregon § 307.375 (Type of corporation to which exemption under ORS 307.370 applicable) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 307.375 (2026).

Text

The exemption provided in ORS 307.370 may be permitted only as to a corporation organized and operated only for the purpose of furnishing permanent residential, recreational and social facilities primarily for elderly persons, that:

(1)Is organized not for profit, pursuant to ORS chapter 65 or any statute repealed by chapter 580, Oregon Laws 1959;

(2)Receives not less than 95 percent of its operating gross income, excluding any investment income, solely from payments for living, medical, recreational and social services and facilities, paid by or on behalf of elderly persons using the facilities of such corporation;

(3)Permits no part of its net earnings to inure to the benefit of any private stockholder or individual; and

(4)Provides in its articles or other governing instrument that,

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The exemption provided in ORS 307.370 may be permitted only as to a corporation organized and operated only for the purpose of furnishing permanent residential, recreational and social facilities primarily for elderly persons, that:
(1) Is organized not for profit, pursuant to ORS chapter 65 or any statute repealed by chapter 580, Oregon Laws 1959;
(2) Receives not less than 95 percent of its operating gross income, excluding any investment income, solely from payments for living, medical, recreational and social services and facilities, paid by or on behalf of elderly persons using the facilities of such corporation;
(3) Permits no part of its net earnings to inure to the benefit of any private stockholder or individual; and
(4) Provides in its articles or other governing instrument that, upon dissolution, the assets remaining after satisfying all lawful debts and liabilities shall be distributed to one or more corporations exempt from taxation under this chapter as corporations organized and operated exclusively for religious, charitable, scientific, literary or educational purposes, or to the State of Oregon.