- (1) For purposes of determining underpayment of estimated tax for tax years beginning on or after January 1, 1985 the credit allowed for the state surplus refund shall be used to reduce the amount of the current year “net excise or income tax” of the taxpayer. Net excise or income tax means the total tax minus any credits against tax.
- (2) Whenever the taxpayer’s excise or income tax liability for tax years beginning on or after January 1, 1985 is either increased or decreased, the amount of the credit for the state surplus refund shall be adjusted accordingly.
Statutory/Other Authority
ORS 305.100
Statutes/Other Implemented
ORS 317.Note
History
Renumbered from 150-317.NOTE, REV 67-2016, f. 8-15-16, cert. ef. 9-1-16
RD 11-1988, f. 12-19-88, cert. ef. 12-31-88
RD 12-1985, f. 12-16-85, cert. ef. 12-31-85