Oregon Administrative Rules
Chapter 150 - DEPARTMENT OF REVENUE
Division 118 - INHERITANCE TAX
Section 150-118-0170 - Penalties and Interest
Universal Citation: OR Admin Rules 150-118-0170
Current through Register Vol. 63, No. 9, September 1, 2024
(1) Penalties
(a) For purposes of determining the
five percent penalty under ORS
118.260(1) or
the 20 percent penalty under ORS
118.260(2), the
tax required to be shown on the return is reduced by the amount of any tax that
is paid on or before the due date of the return, excluding extensions.
(b) If an estate fails to file a
return by the due date, including extensions, and also fails to pay the tax by
the due date, only one five percent delinquency penalty will be added.
(c) ORS
305.145 and the rules
implementing that statute apply to penalties imposed under ORS
118.260 and requests for waiver
of penalty. The one-time penalty waiver provision provided by OAR
150-305.145(4) does not apply to penalties imposed under chapter 118.
(2) Interest on Refunds and Deficiencies
(a) A refund of an
overpayment of estate tax accrues interest at the rates provided in OAR
150-305.220(2).
(b) A deficiency
in tax accrues interest at the rates provided in OAR 150-305.220(1).
(c) For the estates of decedents who die on
or after January 1, 2012, if an estate has been granted an extension to pay tax
under ORS 118.225, or if a beneficiary has
elected to defer payment of tax under ORS
118.300, interest accrues at the
rates provided in OAR 150-305.220(1).
(d) Except as provided in (2)(c), if the
estate tax is not paid within 60 days of assessment, the annual interest rates
provided in OAR 150-305.220(1) are increased by four percentage points pursuant
to ORS 305.222.
Stat. Auth.: ORS 305.100
Stats. Implemented: ORS 118.250
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