(1) A credit against taxes imposed by this chapter shall be allowed insurers for the gross premium tax paid on fire insurance premiums in accordance with ORS § 731.820.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(2) A credit against the taxes otherwise due under this chapter shall be allowed to an insurer. The amount of the credit shall be the lesser of:

(a) The amount of any assessments paid by the insurer during the tax year pursuant to ORS § 656.612; or

(b) The total profit attributable to the workers’ compensation line of business, net of reinsurance and including all investment gain attributable to the workers’ compensation line of business, determined in the manner prescribed under ORS § 731.574 by the Director of the Department of Consumer and Business Services, with the modifications under ORS § 317.655 attributable to the workers’ compensation line of business, and then apportioned in accordance with ORS § 317.660 and multiplied by the corporate tax rate set forth in ORS § 317.061. In making the apportionment under ORS § 317.660 for purposes of this paragraph, the insurance sales factor shall be determined using only items attributable to the workers’ compensation line of business. [Formerly 317.076; 1995 c.786 § 14; 2007 c.716 § 2]

Section 20, chapter 913, Oregon Laws 2009, provides:

(1) A credit may not be claimed under ORS § 317.122 (1) for tax years beginning on or after January 1, 2018.

(2) A credit may not be claimed under ORS § 317.122 (2) for tax years beginning on or after January 1, 2014. [2009 c.913 § 20; 2011 c.730 § 4; 2013 c.750 § 46]

(Long Term Enterprise Zones)