The Oregon Department of Revenue is reminding businesses that have been demonstrably affected by COVID-19 that relief is available for the Corporate Activity Tax.
The deadline to make estimated payments for the second quarter is July 31.
According to the department, it will honor “a business taxpayer’s good-faith efforts to comply with the CAT and not assess penalties if they document their efforts to comply, including how COVID-19 has impacted their business.”
The news release stated that the businesses should make a good faith effort to pay but will not be penalized if they fall short because they don’t have the financial ability to make the estimated payment.
They should be able to provide documentation of their inability to pay or estimate payment, and registration for the Coroporate Activity Tax is still required within 30 days of reaching $750,000 in Oregon commercial activity in a calendar year.
The Corporate Activity Tax was instituted by the Oregon Legislature in 2019 to help fund education through the Student Success Act. It taxes business activity in excess of $1 million per year within Oregon for all business types.
For more information visit oregon.gov/dor/programs/businesses/Pages/corporate-activity-tax.aspx, email email@example.com or call 503-945-8005.