Oregon Statutes 657.840 – Federal Advance Interest Repayment Fund; assessment of tax; applicability
(1) On the first day of the third month of a calendar quarter the Director of the Employment Department shall:
Terms Used In Oregon Statutes 657.840
- Calendar quarter: means the period of three consecutive calendar months ending on March 31, June 30, September 30 or December 31, or the approximate equivalent thereof, as the Director of the Employment Department may, by rule, prescribe. See Oregon Statutes 657.010
- employer: means any employing unit which employs one or more individuals in an employment subject to this chapter in each of 18 separate weeks during any calendar year, or in which the employing unit's total payroll during any calendar quarter amounts to $1,000 or more. See Oregon Statutes 657.025
- employment: includes service that is:
(a) Subject to the tax imposed by the Federal Unemployment Tax Act; or
(b) Required to be covered under this chapter as a condition for employers to receive a full tax credit against the tax imposed by the Federal Unemployment Tax Act. See Oregon Statutes 657.030
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
- wages: means all remuneration for employment, including the cash value, as determined by the Director of the Employment Department under the regulations of the director, of all remuneration paid in any medium other than cash. See Oregon Statutes 657.105
(a) Estimate the interest payable, accrued through the end of the calendar quarter, on federal advances obtained under the provisions of ORS § 657.807;
(b) Estimate the amount of federal advance interest repayment tax receipts expected to be collected during the quarter for any preceding calendar quarter in which such tax was assessed;
(c) Add the amount in the Federal Advance Interest Repayment Fund on the last day of the immediately preceding calendar quarter to the estimate in paragraph (b) of this subsection; and
(d) Subtract the sum obtained in paragraph (c) of this subsection from the estimate in paragraph (a) of this subsection.
(2) If the remainder obtained in subsection (1)(d) of this section is more than zero, each employer subject to this chapter shall be assessed a federal advance interest repayment tax. Such tax shall be a percentage of the regular unemployment tax payable under this chapter for the calendar quarter. The percentage shall be determined by dividing the remainder in subsection (1)(d) of this section by the estimated amount of unemployment tax due and payable on wages paid during the quarter. The percentage shall be rounded up to the next full percent.
(3) The tax assessed under this section shall be collected in such manner as the director may prescribe. Interest and penalties applicable to the regular unemployment insurance tax shall be applicable to this tax.
(4) There is hereby created a Federal Advance Interest Repayment Fund as a separate fund in the State Treasury. Such fund shall consist of all moneys received pursuant to this section and interest earnings accruing to the fund and shall be used only for the payment of interest accruing and payable on advances received under ORS § 657.807, except that if at the end of any calendar quarter, all advances and interest have been repaid, any remaining balance in the fund may be transferred to the Unemployment Compensation Trust Fund.
(5) This section does not apply to public and nonprofit employers or Indian tribes making reimbursement payments as provided in ORS § 657.505 and 657.513. [1983 c.52 § 2; 2001 c.572 § 14]
[1991 c.685 § 2; 1995 c.37 § 8; 2005 c.183 § 11; repealed by 2005 c.183 § 13]
MISCELLANEOUS PROVISIONS