OAR 150-317-0240: Lender’s Credit: Definitions

(1) Fuel oil is defined under rules adopted by the Office of Energy. (2) “Commercial lending institution” is defined in Section 22, Chapter 894, Oregon Laws 1981 to include state and federal credit unions maintaining an office in the state. Although credit unions are included in the definition, they are exempt from the Oregon Corporate Excise Tax by ORS 317.080(12). Section 28, Chapter 894, Oregon Laws 1981 grants a credit “…against taxes otherwise due under this chapter for the taxable year.” Therefore, unless a credit union loses its exemption from the Oregon Corporation Excise Tax by either paying more than 8 percent interest on share accounts or by having unrelated business taxable income, it would not be eligible for the refundable credit.