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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.
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