Oregon Statutes 317.650 – Insurers; depreciation and basis provisions; confidentiality of returns; calendar year filing of returns required
(1) ORS § 317.356, relating to depreciation and basis, shall be applicable to every insurer.
Terms Used In Oregon Statutes 317.650
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the Department of Revenue. See Oregon Statutes 317.010
- Excise tax: means a tax measured by or according to net income imposed upon national banking associations, all other banks, and financial, centrally assessed, mercantile, manufacturing and business corporations for the privilege of carrying on or doing business in this state. See Oregon Statutes 317.010
- insurer: means any domestic, foreign or alien insurer as defined in ORS § 731. See Oregon Statutes 317.010
(2) Notwithstanding ORS § 314.835 or 314.840 or any other law concerning confidentiality of tax returns, the Department of Consumer and Business Services and the Department of Revenue may disclose to each other returns and all other information necessary to carry out ORS § 731.854 and 731.859 and otherwise to administer the corporate excise tax imposed by this chapter on insurers.
(3) Notwithstanding ORS § 314.085 or other law, for purposes of this chapter, each of the following insurers shall file a return on a calendar year basis:
(a) A foreign or alien insurer; or
(b) A domestic insurer organized after January 1, 1971, the ownership or control of which is exercised, directly or indirectly, by a foreign insurer or other foreign corporation owning or controlling directly or indirectly, a foreign insurer. [Formerly 317.078; 1995 c.556 § 52; 1995 c.786 § 15; 2005 c.185 § 7]