(a) "Educational institution" means:
(A) A public common or union high school district;
(B) A private school that:
(i) Is an organization described in section 501(c)(3) of the Internal Revenue Code;
(ii) Offers education in prekindergarten, kindergarten or grades 1 through 12, or any combination of those grade levels; and
(iii) Provides instructional programs that are not limited solely to dancing, drama, music, religious or athletic instruction;
(C) An accredited public community college, college or university located in this state; or
(D) An accredited private community college, college or university located in this state that is an organization described in section 501(c)(3) of the Internal Revenue Code.
(b) "Qualified donation" means a transfer of a fee estate in land from a taxpayer to an educational institution without consideration of any kind given to the taxpayer by the educational institution in exchange for the land.
(c) "Qualified reduced sale" means a transfer of a fee estate in land by a taxpayer to an educational institution for consideration paid by the educational institution that is less than the fair market value of the land at the time of transfer.
(2) There shall be added to federal taxable income the amount that otherwise would be taken into account as a charitable contribution deduction for a qualified donation or a qualified reduced sale pursuant to section 170 of the Internal Revenue Code.
(3) In the case of a qualified donation made by the taxpayer during the tax year, the fair market value of the qualified donation shall be subtracted from federal taxable income.
(4) In the case of a qualified reduced sale made by the taxpayer during the tax year, the difference between the fair market value of the land and the sale price of the land shall be subtracted from federal taxable income.
(5) Notwithstanding subsections (3) and (4) of this section, the subtraction allowed under this section may not exceed:
(a) In the case of a qualified donation, 50 percent of Oregon taxable income computed without regard to this section, ORS 317.476 or section 170 of the Internal Revenue Code; or
(b) In the case of a qualified reduced sale, 25 percent of Oregon taxable income computed without regard to this section, ORS 317.476 or section 170 of the Internal Revenue Code.
(6) Any subtraction not allowed because of the limitations imposed under subsection (5) of this section may be carried forward and claimed as a subtraction in the next succeeding tax year. Any amount remaining unused in the next succeeding tax year may be carried forward and used in the second succeeding tax year, and likewise until the 15th succeeding tax year, but may not be carried beyond the 15th succeeding tax year. [1999 c.358 §4; 2011 c.301 §4]
Note: Section 6, chapter 358, Oregon Laws 1999, provides:
Sec. 6. Sections 2 and 4 of this 1999 Act [316.852 and 317.488] apply to donations and reduced sales occurring in tax years beginning on or after January 1, 2000, and before January 1, 2008. [1999 c.358 §6]
Structure 2021 Oregon Revised Statutes
Volume : 08 - Revenue and Taxation
Chapter 317 - Corporation Excise Tax
Section 317.010 - Definitions.
Section 317.018 - Statement of purpose.
Section 317.038 - Computation of Oregon taxable history.
Section 317.063 - Tax rate imposed on certain long-term capital gain from farming; requirements.
Section 317.067 - Tax on homeowners association income.
Section 317.080 - Exempt corporations.
Section 317.090 - Minimum tax.
Section 317.097 - Lending institution loans for housing; rules.
Section 317.111 - Weatherization loan interest; commercial lending institutions.
Section 317.122 - Insurers; amounts paid for certain taxes and assessments.
Section 317.124 - Long term enterprise zone facilities.
Section 317.127 - Long Term Enterprise Zone Fund.
Section 317.131 - Distribution of funds to local governments.
Section 317.147 - Agriculture workforce housing loans; credit transfers; rules.
Section 317.152 - Qualified research activities credit.
Section 317.154 - Alternative qualified research activities credit.
Section 317.267 - Dividends received by corporation from certain other corporations.
Section 317.286 - Nonrecognition of transactions with related foreign sales corporation.
Section 317.301 - Deferral of deduction for certain amounts deductible under federal law.
Section 317.319 - Capital Construction Fund; deferred income; nonqualified withdrawals.
Section 317.322 - Addition of long term care insurance premiums if credit is claimed.
Section 317.329 - Basis for stock acquisition.
Section 317.363 - Expenses of marijuana-related trade or business.
Section 317.391 - Small city business development exemption.
Section 317.476 - Net losses of prior years.
Section 317.478 - Pre-change and built-in losses.
Section 317.479 - Limitation on use of preacquisition losses to offset built-in gain.
Section 317.488 - Qualified donations and sales to educational institutions.
Section 317.491 - Contribution to charitable organization subject to disqualification order.
Section 317.625 - Income from sources without the United States.
Section 317.635 - Domestic international sales corporation; exemption from minimum tax.
Section 317.705 - Definitions.
Section 317.710 - Corporation tax return requirements; application to insurers; rules.
Section 317.715 - Tax return of corporation in affiliated group making consolidated federal return.
Section 317.720 - Computation of taxable income; excess loss accounts.
Section 317.725 - Adjustments to prevent double taxation or deduction; rules.
Section 317.853 - Disposition of revenue from tax imposed at increased rate; estimate.
Section 317.920 - Tax imposed on unrelated business income of certain exempt corporations.