Chapter 685 Oregon Laws 2011

AN ACT

HB 3454

Relating to net operating losses; and prescribing an effective date.

Be It Enacted by the People of the State of Oregon:

SECTION 1. Sections 2 and 3 of this 2011 Act are added to and made a part of ORS chapter 316.

SECTION 2. Notwithstanding ORS 316.739, a subtraction from federal taxable income is not allowed for amounts included in the calculation of an Oregon net operating loss under ORS 316.014.

SECTION 3. If a taxpayer has claimed a subtraction for a previous tax year that is disallowed under section 2 of this 2011 Act, the taxpayer may comply with section 2 of this 2011 Act by filing an amended return or by adding to income on the taxpayer’s return for the 2011 tax year the amount of the disallowed subtraction.

SECTION 4. Sections 2 and 3 of this 2011 Act apply to tax years beginning on or after January 1, 2009.

SECTION 5. This 2011 Act takes effect on the 91st day after the date on which the 2011 regular session of the Seventy-sixth Legislative Assembly adjourns sine die.

Approved by the Governor August 2, 2011

Filed in the office of Secretary of State August 2, 2011

Effective date September 29, 2011

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