OAR 150-315-0181
Oregon Kids Credit: Calculation of losses to be added back.
# (1)
(1) For the purpose of calculating the modified adjusted gross income for the Oregon Kids Credit, each type of loss shall be considered individually. To determine individual losses, combine all income or loss from each separate source. If a net loss results from such combination, the net loss is used to calculate total losses.
# (2)
(2) Oregon modifications to federal profits and losses are taken into account when calculating loss limits of the credit. For example, subtractions for marijuana or psilocybin business expenses (other than cost of goods sold) are allowed for Oregon per ORS 316.680(1)(i)-(j) but are not claimed on a Schedule C due to Section 280E of the Internal Revenue Code. These subtractions need to be included in Schedule C profit or loss for the purpose of calculating the modified adjusted gross income for the Oregon Kids Credit. Other subtractions for Oregon that modify federal gains, profits, or losses and that must be used in the calculation of modified adjusted gross income include Oregon-only passive losses, suspended losses, net operating losses, losses due to basis or depreciation differences, and pass-through entity adjustments.
Amendment history
REV 27-2023, adopt filed 12/26/2023, effective 01/01/2024
Source: view the official text
In this chapter (30 sections)
- 150-315-0005 · Tax credit uniformity transfer provisions
- 150-315-0010 · Claim of Right Credit
- 150-315-0012 · Qualified Reforestation Costs
- 150-315-0014 · Procedure for Claiming the Reforestation Credit
- 150-315-0016 · Change of Ownership
- 150-315-0018 · Reforestation Credit: Reasons Beyond the Taxpayer’s…
- 150-315-0040 · Fish Screening Device Credit; Substantiation
- 150-315-0050 · Transfer of Biomass Credit
- 150-315-0060 · Crop Gleaning Credit: Information Required
- 150-315-0065 · Higher Education Savings (529) and Achieving A Better…
- 150-315-0070 · Agriculture Workforce Housing Credit
- 150-315-0071 · Appeal from a Notice of Denial or Adjustment:…
- 150-315-0072 · Agricultural Employer Overtime Tax Credit Full-Time…
- 150-315-0073 · Filing and Corrections of Agricultural Employer Overtime…
- 150-315-0100 · Child Care Division Contribution Credit
- 150-315-0110 · Scholarship Tax Credit
- 150-315-0121 · Working Family Household and Dependent Care Credit
- 150-315-0125 · Working Family Household and Dependent Care Penalty
- 150-315-0140 · Pollution Control Facilities: Types of Facilities…
- 150-315-0142 · Pollution Control Facilities: Information to be…
- 150-315-0144 · Pollution Control Facilities: Computation of Credit
- 150-315-0146 · Pollution Control Facilities: To Whom Is Credit Allowable
- 150-315-0148 · Pollution Control Facilities: Years in Which Credit May…
- 150-315-0150 · Pollution Control Facilities: Transfer of Facilities
- 150-315-0152 · Pollution Control Facilities: Tax Credit Carry Forward
- 150-315-0154 · Pollution Control Facilities: Adjustment of Basis
- 150-315-0170 · Business Energy Tax Credit: Transfer of Facilities
- 150-315-0180 · Oregon Tax Credit Auctions
- 150-315-0181 · Oregon Kids Credit: Calculation of losses to be added…
- 150-315-0195 · Research Conducted by Semiconductor Company Tax Credit