Industrial Property Returns — Incomplete Returns and Late Filing Penalties

# (1)

(1) Industrial Property Returns are combined returns of real and personal property for state-appraised industrial property. The Industrial Property Return forms and instructions specify the information to be included in the return and submitted to the department.

# (2)

(2) A taxpayer must submit a substantially complete return by the due date of the return. A return is substantially complete if it contains sufficient information to allow the return to be processed by the department. A return is not substantially complete if:

(a) It is submitted with blank or missing schedules unless the schedules are appropriately left blank and are labeled with an identifying notation such as "no", "none", or "not applicable"; or

(b) It is submitted with attachments that do not include required information as specified on the schedule.

# (3)

(3) For the purposes of the late filing penalty imposed by ORS 308.295, a return that is not substantially complete will not be considered "filed".

# (4)

(4) If a taxpayer submits a return that is not substantially complete, the department will send the return back to the taxpayer with a request that the return be filed with the required information. The taxpayer will be subject to a late filing penalty under ORS 308.295 if a substantially complete Industrial Property Return is not filed by the due date.