2021 Oregon Revised Statutes
Chapter 317 - Corporation Excise Tax
Section 317.655 - Taxable income of insurer; computation; exclusion for certain life insurance or annuity accounts.


(2) The Oregon taxable income of an insurer shall be computed by adding or subtracting, to the insurer’s net gain from operations as determined under subsection (1) of this section, such of the following items as apply to the insurer:
(a) Add the amount of federal and state income taxes deducted by the insurer in computing its net gain from operations.
(b) Add penalty interest received by the insurer arising out of prepayment of loans made by the insurer.
(c) Add realized gains and losses on sales or exchanges by the insurer of property.
(d) Subtract, if the insurer so elects, additional or accelerated depreciation on real and personal property that is in excess of the depreciation deducted by the method used in computing the insurer’s net gain from operations.
(e) Subtract that amortized portion of the contribution for past service credits made to qualified plans and exempt trusts for employees allowed as a deduction.
(f) Add or subtract, as appropriate, increases or decreases in mandatory reserves that the insurer is required to maintain by law or by rules or directives of the Director of the Department of Consumer and Business Services or the insurance director or commissioner of the state of domicile of the foreign or alien insurer, other than increases or decreases that (A) are deducted in arriving at the insurer’s net gain from operations, or (B) result from net gains or losses, realized or unrealized, in the value of the insurer’s property and investments.
(g) Add or subtract, as appropriate, increases or decreases in reserves for policies and obligations outstanding before the beginning of the taxable year resulting from changes in the bases and methods of computing such reserves that are justified by accounting and actuarial practices applicable to or accepted by the insurance industry, commonly known as "reserve strengthening" or "reserve weakening."
(3) Income, expenses, gains, losses, exclusions, deductions, assets, reserves, liabilities and other items properly attributable to one or more separate accounts authorized under ORS 733.220 shall not be taken into account in determining taxable income of an insurer under ORS 317.010 (11), 317.122 and 317.650 to 317.665 until such amounts or items are returned to and reflected on the general accounts of such insurer so as to be available generally to or for the benefit of contract and policyholders of the insurer. [Formerly 317.197; 1995 c.786 §16]

Structure 2021 Oregon Revised Statutes

2021 Oregon Revised Statutes

Volume : 08 - Revenue and Taxation

Chapter 317 - Corporation Excise Tax

Section 317.010 - Definitions.

Section 317.013 - Adoption of parts of Internal Revenue Code and application of federal laws and regulations.

Section 317.018 - Statement of purpose.

Section 317.038 - Computation of Oregon taxable history.

Section 317.061 - Tax rate.

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 317.112 - Energy conservation loans to residential fuel oil customers or wood heating residents; rules.

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 317.151 - Contributions of computers or scientific equipment for research to educational organizations.

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 317.283 - Nonrecognition of transactions with related domestic international sales corporation; tax treatment of commissions.

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 317.309 - Interest and dividends received from obligations of state or political subdivision.

Section 317.310 - Balance in bad debt reserve of financial institution which has changed from reserve method to specific charge-off method of accounting.

Section 317.314 - Taxes on net income or profits imposed by any state or foreign country; nondeductible taxes and license fees; taxes paid to foreign country for certain income.

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 317.327 - Modification of taxable income when deferred gain is recognized as result of out-of-state disposition of property; rules.

Section 317.329 - Basis for stock acquisition.

Section 317.356 - Basis on disposition of asset; adjustments to reflect depreciation, depletion, other cost recovery, federal credits and other differences in Oregon and federal basis.

Section 317.363 - Expenses of marijuana-related trade or business.

Section 317.374 - Depletion.

Section 317.391 - Small city business development exemption.

Section 317.401 - Addition for federal prescription drug plan subsidies excluded for federal tax purposes.

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 317.615

Section 317.625 - Income from sources without the United States.

Section 317.635 - Domestic international sales corporation; exemption from minimum tax.

Section 317.650 - Insurers; depreciation and basis provisions; confidentiality of returns; calendar year filing of returns required.

Section 317.655 - Taxable income of insurer; computation; exclusion for certain life insurance or annuity accounts.

Section 317.660 - Allocation of net income where insurer has both in-state and out-of-state business.

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 317.910

Section 317.920 - Tax imposed on unrelated business income of certain exempt corporations.

Section 317.930 - Exceptions and limitations.

Section 317.991 - Civil penalty; noncompliance with ORS 317.097 relating to credit for housing rehabilitation loans.