(1) A corporation required to make a payment of estimated tax under ORS § 314.505 to 314.525 shall make the payment by means of electronic funds transfer if:

Terms Used In Oregon Statutes 314.518

  • 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.
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC

(a) For payment periods beginning on or after July 1, 2001, and before January 1, 2002, the corporation’s annual total amount of estimated tax liability exceeds $50,000.

(b) For payment periods beginning on or after January 1, 2002, the corporation is required to make federal estimated tax payments electronically.

(2) The Department of Revenue may adopt rules that provide exemptions from the requirement that estimated tax be paid by electronic funds transfer when the taxpayer is disadvantaged by required payment by electronic funds transfer.

(3) The Department of Revenue may accept electronically filed payments voluntarily submitted by a corporation that is not required to pay by means of electronic funds transfer.

(4) As used in this section, ‘electronic funds transfer’ has the meaning given that term in ORS § 293.525. [1997 c.299 § 4; 1999 c.21 § 35; 2001 c.28 § 5; 2001 c.114 § 30]

 

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