Oregon Statutes 317.346 – Net operating loss subtraction allowed to agricultural sector business taxpayer
(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 317.346
- Doing business: means any transaction or transactions in the course of its activities conducted within the state by a national banking association, or any other corporation; provided, however, that a foreign corporation whose activities in this state are confined to purchases of personal property, and the storage thereof incident to shipment outside the state, shall not be deemed to be doing business unless such foreign corporation is an affiliate of another foreign or domestic corporation which is doing business in Oregon. See Oregon Statutes 317.010
(2) After making the addition required under ORS § 317.344, an eligible taxpayer may elect to 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 § 15]
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)]