To derive Oregon taxable income, federal taxable income shall be modified to the extent necessary to not treat as a lease purchase or in any other way recognize for Oregon tax purposes a transaction entered into pursuant to section 168(f) (8) of the Internal Revenue Code as that section was in effect prior to January 1, 1987, or as applicable under section 204(b) of the Tax Reform Act of 1986 (Public Law 99-514) on and after January 1, 1987 (relating to certain leases of qualified farm property or automotive manufacturing equipment). [1983 c.162 § 25; 1997 c.99 § 4]

Terms Used In Oregon Statutes 317.349

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Oregon taxable income: means taxable income, less the deduction allowed under ORS § 317. See Oregon Statutes 317.010

 

[1959 c.631 4,5; repealed by 1983 c.162 § 57]

 

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