(2) Any contract executed pursuant to subsection (1) of this section on or after December 14, 2012, and before March 15, 2013, that meets the requirements of a qualifying investment contract is ratified by ORS 314.668 to 314.673.
(3) A taxpayer may not satisfy the requirement that a qualifying investment result in an increase in the number of employees of the taxpayer by gain of another entity’s existing Oregon employees through a merger or acquisition of any portion of that entity.
(4) A qualifying investment contract executed under ORS 314.668 to 314.673 may not be less than five years’ duration and may not exceed 30 years’ duration.
(5) The obligations of the State of Oregon under a qualifying investment contract:
(a) Include the promise of this state that, if the taxpayer commences a qualifying investment, the taxpayer’s Oregon corporate tax liability may not exceed the amount the taxpayer would pay or owe under the single sales factor method for each tax year that ends during the term of the qualifying investment contract; and
(b) May not be abridged, impaired, limited or modified by any subsequent law.
(6) If a taxpayer that has executed a qualifying investment contract files a report or return with the Department of Revenue for a tax year ending during the term of the qualifying investment contract and reporting personal income taxes or corporate excise or income taxes imposed under ORS chapter 316, 317 or 318, that are determined in whole or part by apportioning income using the single sales factor method, the department may not assess a deficiency against the taxpayer that is attributable to the use of a different method of apportionment.
(7) An action for a breach of a qualifying investment contract may be brought against the State of Oregon.
(8) The sole and exclusive remedies for the State of Oregon in an action for breach of a qualifying investment contract brought by the state shall be:
(a) A judgment rescinding the qualifying investment contract; and
(b) A judgment awarding an amount equal to the difference, if any, between:
(A) The amount of taxes due from the taxpayer under the single sales factor method from the date of breach through termination of the qualifying investment contract; and
(B) The amount of taxes due from the taxpayer during the same period using the method of apportioning income:
(i) Under the tax laws that would have applied to the taxpayer but for the qualifying investment contract; or
(ii) Identified in the judgment as fairly representing the extent of the taxpayer’s business activity in this state. [2012 s.s. c.1 §5; 2017 c.43 §8]
Structure 2021 Oregon Revised Statutes
Volume : 08 - Revenue and Taxation
Chapter 314 - Taxes Imposed Upon or Measured by Net Income
Section 314.011 - Definitions; conformance with federal income tax law.
Section 314.033 - Application of federal Tax Reform Act of 1986 (P.L. 99-514).
Section 314.059 - Application of American Recovery and Reinvestment Act of 2009 (P.L. 111-5).
Section 314.075 - Evading requirements of law prohibited.
Section 314.085 - Taxable year; rules.
Section 314.091 - Abeyance of tax during periods of active duty military service.
Section 314.105 - Definitions for ORS 314.105 to 314.135.
Section 314.115 - Adjustment to correct effect of certain errors; use limited.
Section 314.125 - When adjustment may be made.
Section 314.256 - Lobbying expenditures; proxy tax; rules.
Section 314.258 - Withholding in certain conveyances of real estate; rules.
Section 314.260 - Taxation of real estate mortgage investment conduits.
Section 314.276 - Method of accounting.
Section 314.287 - Costs allocable to inventory.
Section 314.300 - Passive activity loss; determination; treatment; rules.
Section 314.306 - Income from discharge of indebtedness; bankruptcy; insolvency.
Section 314.307 - Definitions; reportable transactions.
Section 314.308 - Reportable transactions; rules.
Section 314.310 - Liability of transferee of taxpayer for taxes imposed on taxpayer.
Section 314.330 - Lien if grantor or other person determined to be owner of trust.
Section 314.360 - Information returns; penalties.
Section 314.362 - Filing return on magnetic media or other machine-readable form; rules.
Section 314.364 - Authority of department to require filing of returns by electronic means; rules.
Section 314.385 - Form of returns; time for filing; alternative filing formats; rules.
Section 314.395 - Time for payment of tax; interest on delayed return.
Section 314.402 - Understatement of net tax; penalty; cost-of-living adjustment; waiver of penalty.
Section 314.403 - Listed transaction understatement; penalty.
Section 314.404 - Penalty for failure to report reportable transaction.
Section 314.406 - Penalty for promotion of abusive tax shelter.
Section 314.415 - Refunds; interest; credits.
Section 314.419 - Foreclosure of lien.
Section 314.423 - Status of lien.
Section 314.425 - Examining books, records or persons.
Section 314.430 - Warrant for collection of taxes.
Section 314.440 - Tax as debt; termination of taxable period and immediate assessment of tax.
Section 314.505 - Estimate of tax liability by corporations; rules.
Section 314.515 - Installment schedule for payment of estimated tax.
Section 314.518 - Estimated tax payments by electronic funds transfer; phase-in; rules.
Section 314.520 - State agency authority over certain electronic funds transfer payments.
Section 314.525 - Underpayment of estimated tax; interest; nonapplicability of penalties.
Section 314.605 - Short title; construction.
Section 314.610 - Definitions for ORS 314.605 to 314.675.
Section 314.620 - When taxpayer is considered taxable in another state.
Section 314.630 - Allocation to this state of net rents and royalties.
Section 314.635 - Allocation to this state of capital gains and losses.
Section 314.642 - Allocation to this state of lottery prizes.
Section 314.645 - Allocation to this state of patent and copyright royalties.
Section 314.655 - Determination of property factor.
Section 314.660 - Determination of payroll factor.
Section 314.666 - Market for sales in this state.
Section 314.667 - Additional methods to determine extent of business activity in this state; rules.
Section 314.668 - Definitions.
Section 314.669 - Legislative findings; purposes.
Section 314.671 - Qualifying investment contract; duration; remedies.
Section 314.673 - Rules; report to Legislative Assembly.
Section 314.674 - Apportionment of broadcasting sales.
Section 314.712 - Partnerships not subject to income tax; exceptions.
Section 314.716 - Basis of partner’s interest; gain or loss on sale; election to adjust basis.
Section 314.718 - Treatment of contributions to partnership.
Section 314.720 - Treatment of distributions from partnership.
Section 314.722 - Publicly traded partnerships taxed as corporations.
Section 314.724 - Information return; penalty; rules.
Section 314.731 - Definitions.
Section 314.735 - Time limit for notice of deficiency.
Section 314.737 - Time limit for claim for refund or credit.
Section 314.765 - Employee fringe benefits; foreign income.
Section 314.766 - Tax on built-in gain.
Section 314.767 - Tax on excess net passive income.
Section 314.768 - S corporation or shareholder elections; rules.
Section 314.770 - Disclosure of S corporation items to shareholder.
Section 314.771 - Recapture of LIFO benefits.
Section 314.772 - Business tax credits; allowance to shareholders.
Section 314.775 - Definitions for ORS 314.775 to 314.784.
Section 314.781 - Withholding; required returns and statements; pass-through entity liability.
Section 314.784 - Circumstances when pass-through entity withholding is not required; rules.
Section 314.835 - Divulging particulars of returns and reports prohibited.
Section 314.840 - Disclosure of information; persons to whom information may be furnished.
Section 314.843 - Reporting of information to consumer reporting agency; rules.
Section 314.865 - Use of certain information for private benefit prohibited.
Section 314.870 - Time for performing certain acts postponed by reason of service in a combat zone.