# ORS § 314.029: 314.029 Application of Deficit Reduction Act of 1984 (P.L. 98-369) and Simplification of Imputed Interest Rules of 1985 (P.L. 99-121) to personal income tax > Oregon · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.029 ## Section - **Citation:** ORS § 314.029 - **Heading:** 314.029 Application of Deficit Reduction Act of 1984 (P.L. 98-369) and Simplification of Imputed Interest Rules of 1985 (P.L. 99-121) to personal income tax - **Jurisdiction:** Oregon - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** OR Code / Title 29 / Chapter 314 / Section 314.029 ## Text (1) Intentionally left blank —Ed. (a) Notwithstanding ORS 316.012 (Terms have same meaning as in federal laws) (1983 Replacement Part), and subject to all other provisions of ORS chapter 316 in effect and applicable to transactions occurring on or after January 1, 1984, the Deficit Reduction Act of 1984 (P.L. 98-369) insofar as it applies to transactions occurring on or after January 1, 1984, shall apply to the same transactions for Oregon tax purposes. (b) Notwithstanding ORS 316.012 (Terms have same meaning as in federal laws) (1985 Replacement Part), and subject to all other provisions of ORS chapter 316 in effect and applicable to transactions occurring on or after January 1, 1985, the Act described as the Simplification of Imputed Interest Rules of 1985 (P.L. 99-121) insofar as it applies to transactions occurring on or after January 1, 1985, shall apply to the same transactions for Oregon tax purposes. The amendments by the Act described as the Simplification of Imputed Interest Rules of 1985 (P.L. 99-121) to section 168 of the Internal Revenue Code apply to property placed in service after May 8, 1985, but do not apply to property to which section 105(b)(2) and (3) of the Act (P.L. 99-121) apply. (2) Intentionally left blank —Ed. (a) If a deficiency is assessed against any taxpayer for a tax year for which subsection (1) of this section applies and the deficiency, or any portion thereof, is attributable to any retroactive treatment for Oregon tax purposes given P.L. 98-369 or 99-121 under subsection (1) of this section, then any interest or penalty assessed under ORS chapter 305, 314 or 316 with respect to the deficiency or portion shall be canceled. (b) If a refund is due any taxpayer for a tax year for which subsection (1) of this section applies and the refund or any portion thereof is due the taxpayer on account of any retroactive treatment given P.L. 98-369 or 99-121 for Oregon tax purposes under subsection (1) of this section, then notwithstanding ORS 314.415 (Refunds) or other law, the refund shall be paid without interest. (3)(a)(A) At the election of the taxpayer and if the taxpayer is required to file an Oregon return for a tax year beginning in 1985, any changes required on account of subsection (1)(a) of this section for a tax year beginning prior to January 1, 1985, may be made either by filing an amended return or be made on a tax return filed for a tax year beginning in 1985 in the manner determined by the Department of Revenue by rule. An election made under this paragraph shall apply to all changes required on account of subsection (1)(a) of this section. (B) Any changes required on account of subsection (1)(b) of this section for a tax year beginning prior to January 1, 1987, shall be made by filing an amended return within the time prescribed by law. (b) Exercise of the election provided under paragraph (a)(A) of this subsection shall not operate to modify any election made on the return to which the change relates or on the return in which the change is made unless otherwise provided by the department by rule. (c) For purposes of paragraph (a)(A) of this subsection, if a taxpayer is not required to file an Oregon return for a tax year beginning in 1985, the taxpayer shall reflect the change in an amended return for the tax year to which the change relates. ion made on the return to which the change relates or on the return in which the change is made unless otherwise provided by the department by rule. (c) For purposes of paragraph (a)(A) of this subsection, if a taxpayer is not required to file an Oregon return for a tax year beginning in 1985, the taxpayer shall reflect the change in an amended return for the tax year to which the change relates. (d) Intentionally left blank —Ed. (A) If a taxpayer fails to make an election under paragraph (a)(A) of this subsection, the department shall make any changes under paragraph (a)(A) of this subsection on the return to which the change or changes relate within the period as specified for assessing a deficiency or claiming a refund as otherwise provided by law with respect to that return, or within one year after a 1985 return is filed, whichever period expires later. (B) If a taxpayer fails to file an amended return under paragraph (a)(B) of this subsection, the department shall make any changes under paragraph (a)(B) of this subsection on the return to which the change or changes relate within the period as specified for assessing a deficiency or claiming a refund as otherwise provided by law with respect to that return, or within one year after a 1987 return is filed, whichever period expires later. [Formerly 316.021] Note: 314.029 (Application of Deficit Reduction Act of 1984 (P.L. 98-369) and Simplification of Imputed Interest Rules of 1985 (P.L. 99-121) to personal income tax) was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 314 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation. Source: Section 314.029 — Application of Deficit Reduction Act of 1984 (P.L. 98-369) and Simplification of Imputed Interest Rules of 1985 (P.L. 99-121) to personal income tax , https://www.­oregonlegislature.­gov/bills_laws/ors/ors314.­html (accessed May 26, 2025). ## Nearby sections - [ORS § 314.011 314.011 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.011.md) - [ORS § 314.015 314.015 Soccer referees considered independent contractors](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.015.md) - [ORS § 314.021 314.021 Application of chapter](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.021.md) - [ORS § 314.023 314.023 Application to partners in domestic partnership and to surviving partners](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.023.md) - [ORS § 314.029 314.029 Application of Deficit Reduction Act of 1984 (P.L. 98-369) and Simplification of Imputed Interest Rules of 1985 (P.L. 99-121) to personal income tax](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.029.md) - [ORS § 314.031 314.031 Application of Deficit Reduction Act of 1984 (P.L. 98-369) and Simplification of Imputed Interest Rules of 1985 (P.L. 99-121) to corporate excise and income tax](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.031.md) - [ORS § 314.033 314.033 Application of federal Tax Reform Act of 1986 (P.L. 99-514)](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.033.md) - [ORS § 314.035 314.035 Application of Omnibus Budget Reconciliation Act of 1987 (P.L. 100-203), Family Support Act of 1988 (P.L. 100-485) and Technical and Miscellaneous Revenue Act of 1988 (P.L. 100-647)](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.035.md) - [ORS § 314.037 314.037 Application of P.L. 101-140, Omnibus Budget Reconciliation Act of 1989 (P.L. 101-239) and Omnibus Budget Reconciliation Act of 1991 (P.L. 101-508)](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.037.md) - [ORS § 314.039 314.039 Application of P.L. 102-2, Comprehensive National Energy Policy Act of 1992 (P.L. 102-486), Unemployment Compensation Amendments of 1992 (P.L. 102-318), Tax Extension Act of 1991 (P.L. 102-227) and Emergency Unemployment Compensation Act of 1991 (P.L. 102-164)](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.039.md) - [ORS § 314.041 314.041 Application of Revenue Reconciliation Act of 1993 (P.L. 103-66), the Uruguay Round Agreements Act (P.L. 103-465) and P.L. 104-7](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.041.md) - [ORS § 314.043 314.043 Application of ICC Termination Act of 1995 (P.L. 104-88), P.L. 104-117, Omnibus Consolidated Rescissions and Appropriations Act of 1996 (P.L. 104-134), Small Business Job Protection Act of 1996 (P.L. 104-188), Health Insurance Portability and Accountability Act of 1996 (P.L. 104-191) and Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (P.L. 104-193)](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.043.md) - [ORS § 314.045 314.045 Application of Taxpayer Relief Act of 1997 (P.L. 105-34), Taxpayer Browsing Protection Act (P.L. 105-35), Balanced Budget Act of 1997 (P.L. 105-33), Internal Revenue Service Restructuring and Reform Act of 1998 (P.L. 105-206), Transportation Equity Act for the 21st Century (P.L. 105-178) and Tax and Trade Relief Extension Act of 1998 (P.L. 105-277)](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.045.md) - [ORS § 314.047 314.047 Application of Tax Relief Extension Act of 1999 (P.L. 106-170) and FSC Repeal and Extraterritorial Income Exclusion Act of 2000 (P.L. 106-519)](https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.047.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_OR_T29_C314_S314.029. 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