§ 317.080 — Exempt corporations

Oregon § 317.080

• Jurisdiction: Oregon
• Vol.: 8
• Title 29: Revenue and Taxation
• Ch. 317: Corporation Excise Tax

Text

The following corporations are exempt from the taxes imposed by this chapter:
(1) Organizations described in subsection (c) and subsection (j) of section 501 of the Internal Revenue Code unless the exemption is denied under subsection (h), (i) or (m) of section 501 or under section 502, 503 or 505 of the Internal Revenue Code.
(2) Organizations described in section 501(d) of the Internal Revenue Code, unless the exemption is denied under section 502 or 503 of the Internal Revenue Code.
(3) Organizations described in section 501(e) of the Internal Revenue Code.
(4) Organizations described in section 501(f) of the Internal Revenue Code.
(5) Charitable risk pools described in section 501(n) of the Internal Revenue Code.
(6) Organizations described in section 521 of the Internal Revenue Code.
(7) Qualified state tuition programs described in section 529 of the Internal Revenue Code.
(8) Foreign or alien insurance companies, but only with respect to the underwriting profit derived from writing wet marine and transportation insurance subject to tax under ORS 731.824 and 731.828.
(9) Corporations, organized and operated primarily for the purpose of furnishing permanent residential, recreational and social facilities primarily for elderly persons, which:
(a) Are corporations not for profit, authorized to transact business in this state pursuant to ORS chapter 65 or any statute repealed by chapter 580, Oregon Laws 1959;
(b) Receive not less than 95 percent of their 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 the elderly persons using the facilities of such corporation;
(c) Permit no part of their net earnings to inure to the benefit of any private stockholder or individual; and
(d) Provide in their 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.
(10) People’s utility districts established under ORS chapter 261.

Legislative History

Amended by 1953 c.207 §1; 1953 c.653 §3; 1955 c.592 §5; last sentence of 1959 Replacement Part derived from 1955 c.592 §6; 1957 c.553 §1; 1959 c.215 §1; 1961 c.473 §1; subsection (17) enacted as 1961 c.473 §2; 1963 c.286 §1; 1967 c.359 §689; 1969 c.600 §11; 1971 c.637 §1; 1985 c.802 §28a; 1987 c.293 §36; 1987 c.838 §20; 1989 c.626 §9; 1995 c.786 §13; 1997 c.839 §29