Oregon Statutes 316.031 – Net operating loss subtraction allowed to taxpayer doing business in agricultural sector
(1) As used in this section, ‘eligible taxpayer‘ means a taxpayer primarily doing business in 2017 North American Industry Classification System code 111, crop production, or code 112, animal production and aquaculture.
Terms Used In Oregon Statutes 316.031
- Taxable income: means the taxable income as defined in subsection (a) or (b), section 63 of the Internal Revenue Code, with such additions, subtractions and adjustments as are prescribed by this chapter. See Oregon Statutes 316.022
- Taxpayer: means any natural person, estate, trust, or beneficiary whose income is in whole or in part subject to the taxes imposed by this chapter, or any employer required by this chapter to withhold personal income taxes from the compensation of employees for remittance to the state. See Oregon Statutes 316.022
(2) An eligible taxpayer may elect under this section to use a three-year net operating loss carryback.
(3)(a) Notwithstanding ORS § 316.028, if an eligible taxpayer uses a net operating loss carryback under this section, there shall be added to taxable income the amount of net operating loss carryback or carryover allowed in arriving at federal taxable income.
(b) After making the addition under paragraph (a) of this subsection, an eligible taxpayer shall subtract from federal taxable income a deduction for net operating loss carryback. The amount of a net operating loss deduction under this subsection may be carried back to each of the three tax years preceding the tax year in which the loss arises. [2022 c.82 § 13]
Section 16 (5), chapter 82, Oregon Laws 2022, provides:
(5) Sections 13 [316.031] and 15 [317.346] of this 2022 Act apply to tax years beginning on or after January 1, 2023, and before January 1, 2029, and to any tax year to which a net operating loss arising in those tax years is carried back. [2022 c.82 § 16(5)]