Income/Franchise:
Oregon DOR Explains New Law Creating Fiscal Year Filings of Commercial Activity Tax Returns
Legislation Allows Fiscal Year Filing for CAT, Or. Dept. of Rev. (8/11/21). Addressing recently enacted legislation [see S.B. 164 (2021) and previously issued Multistate Tax Alert for details on new law in Oregon that modifies various provisions of the Oregon corporate activity tax related to fiscal year filings, insurance companies, and other exemptions and definitions], the Oregon Department of Revenue (Department) explains that businesses filing on a fiscal year-end that are subject to Oregon’s corporate activity tax (CAT) will be required to file fiscal-year returns beginning with the 2021 tax year. According to the Department, the legislation adopts a fiscal-year filing requirement for CAT taxpayers who use a fiscal tax year rather than the calendar year for federal tax purposes, requiring fiscal year-end taxpayers to file a short-year CAT return covering January 1, 2021 through the end of their fiscal tax year. This short-year return will be due by April 15, 2022. The Department is developing administrative rules related to the recent CAT law changes and states that more details on the amendments are forthcoming. The Department has issued a summary of the changes enacted under S.B. 164 (2021) which are outlined in its “fact sheet.” Please contact us with any questions.
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