[Revenews] 2007 one-time small sales credit for C corporations

[FARR David]

Hello Tax Professionals,

*	For tax year 2007, C corporations with Oregon sales of less than
$5 million for the tax year may qualify for a one-time small sales
credit. 
*	The credit is equal to 67 percent of tax owed after all other
credits. 
*	If your C corporation qualified for this credit but didn't claim
it on 2007 Form 20, 20-I, or 20-INS, there's still time.
*	You must file the C corporation's amended return by April 15,
2011, or within three years of the date you filed the original return,
whichever is later.
*	Oregon sales, for purposes of this credit, are calculated as
identified in OAR 150-317.092. 
*	Non-apportioning corporations must calculate Oregon sales as if
apportioning their income.

 	
Thanks,
David Farr 
Corporation Forms & Systems Analyst 
Oregon Department of Revenue 

 	
	
	
 
 
 
 
	
 
 

 

	 

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