ORS 317.625: Income from sources without the United States.

Income from sources without the United States, as defined in section 862 of the Internal Revenue Code, shall be accounted for in the computation of Oregon taxable income as required by ORS chapters 305 and 314 and this chapter without regard to sections 861 to 864 of the Internal Revenue Code. [1983 c.162 §38] (Temporary provisions relating to post-1986 deferred foreign income and global intangible low-taxed income) Sec. 32. Section 33 of this 2018 Act is added to and made a part of ORS chapter 317. [2018 c.101 §32] Sec. 33. (1) A credit against the taxes otherwise due under ORS chapter 317 or 318 shall be allowed to a taxpayer for Oregon tax attributable to income reported under section 965 of the Internal Revenue Code as post-1986 deferred foreign income. (2) The credit allowed under this section may not exceed the lesser of: (a) The amount of Oregon tax attributable to income reported under section 965 of the Internal Revenue Code as post-1986 deferred foreign income for tax years beginning on or after January 1, 2017, and before January 1, 2018; or (b) The total amount of tax, if any, attributable to the addition required under ORS 317.716 and imposed for all tax years beginning on or after January 1, 2014, and before January 1, 2017. (3) The credit allowed under this section may not exceed the tax liability of the taxpayer for the tax year. (4) Any tax credit otherwise allowable under this section that is not used by the taxpayer in a particular tax year may be carried forward and offset against the taxpayer’s tax liability for the next succeeding tax year. Any credit remaining unused in the next succeeding tax year may be carried forward and used in the second succeeding tax year. Any credit remaining unused in the second succeeding tax year may be carried forward and used in the third succeeding tax year. Any credit remaining unused in the third succeeding tax year may be carried forward and used in the fourth succeeding tax year. Any credit remaining unused in the fourth succeeding tax year may be carried forward and used in the fifth succeeding tax year, but may not be used in any tax year thereafter. [2018 c.101 §33] Sec. 34. Except as provided in section 33 (4) of this 2018 Act, section 33 of this 2018 Act applies to tax years beginning on or after January 1, 2017, and before January 1, 2018. [2018 c.101 §34]