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Oregon temporarily disallows use of credits to pay corporate minimum tax and amends tax haven provisions

Oregon Gov. Kate Brown signed legislation on July 20 that specifies that for tax years beginning on or after Jan. 1, 2015, and before Jan. 1, 2021, tax credits cannot be used to satisfy a corporate minimum tax (CMT) liability. The legislation was enacted in response to a 2013 Oregon Supreme Court decision that had allowed a taxpayer to use a business energy tax credit to satisfy a CMT liability. The legislation also makes changes to various tax credits, including extending some expiration dates. Other legislation, signed July 21, 2015, prospectively modifies tax haven rules requiring inclusion of income and apportionment factors from entities incorporated in designated jurisdictions to be included in the computation of taxable income for members of an affiliated group.

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