Schedule OR-ASC-CORP Instructions
                                  Oregon Adjustments for Corporations                                      2022

This publication is a guide, not a complete statement, of Oregon Revised Statutes (ORS) and 
Oregon Administrative Rules (OAR). For more information, refer to the laws and rules at  www.oregon.gov/dor.

                                                              Credits
Purpose of Schedule OR-ASC-CORP
                                                              For summary information about corporation credits, visit 
This schedule is for corporation filers only. Individuals do    www.oregon.gov/dor and the applicable statute. Credit infor-
not use this form. Schedule OR-ASC-CORP is used to report     mation can change each tax year.
Oregon additions, subtractions, and credits that don’t have 
a specific line on the corporate return. Code numbers and     Section C: Standard credits
item explanations are in the instructions for Forms OR-20, 
OR-20-INC, OR-20-INS, and OR-20-S.                            Standard credits are nonrefundable credits that can only be 
                                                              claimed on the current year’s tax return. Credit amounts 
Note for OR-20-S filers: This schedule and these codes are    awarded and not used in the current tax year will be lost.
not for additions or subtractions on Schedule SM.
                                                              If you have both standard credits and carryforward cred-
                                                              its, standard credits should be used first so they aren’t lost. 
Form instructions                                             Note: Form OR-20-S filers cannot claim standard credits 
                                                              although some credits can flow through to shareholders.
Enter the code and amount for each item you’re claiming. If 
you’re claiming multiple items (additions, subtractions, or   Fill in the code numbers and amounts for each standard 
credits) with the same code, report the items together. Enter credit. Each code should be listed only once.
each code only once and add the claimed amounts together.
                                                              Fill in the total of all standard credits. Enter this amount on 
If you have more items than will fit on a single schedule,    your return on the line indicated.
provide the codes and amounts on additional schedules 
and add the total to your tax return. Include all the sched-  Section D: Carryforward credits
ules with your corporation tax return.
                                                              Carryforward credits are nonrefundable credits for which 
Round all cents to the nearest dollar. For example, $99.49    any unused portion in the current tax year may be carried 
becomes $99.00, and $99.50 becomes $100.00.                   forward to the following tax year. The number of years that 
                                                              a credit can be carried forward varies according to the car-
Section A: Additions                                          ryforward rules of the credit. 
Additions  are  the  amount  by  which  any item  of  gross   When we process your return, we’ll apply your credits 
income is greater under Oregon law than under federal         against your tax in the order in which they’re listed on the 
law, or the amount by which any allowable deduction is less   schedule. If you’re claiming more than one type of carryfor-
under Oregon law than under federal law.                      ward credit and the total you can use is more than your tax 
                                                              liability for the year, enter your credits in the order in which 
Complete Section A with additions you're reporting. Fill in 
                                                              they expire. Start with credits that expire earlier, followed 
the code number and amount for each addition. Each code 
                                                              by credits that expire later. List all credits you have avail-
should be listed only once.
                                                              able even if you can’t use them this year (see Example 1).
Fill in the total of all additions. Enter this amount on your 
                                                              Complete Section D with credits you’re claiming. Fill in the 
return on the line indicated.
                                                              codes in the order you would like to claim the credits (usu-
                                                              ally this will be by listing the credits with earlier expira-
Section B: Subtractions                                       tions first). If you received the same type of credit in back to 
Subtractions are the amount by which any item of gross        back years, or more than one in the same year, list the code 
income is less under Oregon law than under federal law,       only once and add credit amounts together (see Example 2). 
or the amount by which any allowable deduction is greater     Amount from prior year. Fill in the total amount of the 
under Oregon law than under federal law.                      credit that couldn’t be used in 2021 that is carried forward 
Complete Section B with subtractions you're reporting. Fill   to 2022, if any (see Example 3). 
in the code number and amount for each subtraction. Each      Amount awarded this year. Fill in the credit amount you 
code should be listed only once.                              earned in 2022, if any. Enter this amount even if this is more 
Fill in the total of all subtractions. Enter this amount on   than the amount that can be used this year. 
your return on the line indicated.

150-102-033-11                                                                                 2022 Schedule OR-ASC-CORP Instructions (Rev. 09-27-22) 

Important: If the total awarded amount of your credit can        Example 2. XYZ Corporation files an OR-20 for the current 
be used in one year, list the entire amount awarded on the       year. Dur ing the year, XYZ received credit certifications for 
“Amount awarded this year” line (see Example 2). If the total    install ing three fish screening devices, each for $5,000. The 
awarded amount of your credit must be used over multiple         cor poration’s calculated tax is $33,000, with a minimum tax 
years, list only the portion that’s potentially allowed to be    of $7,500. Here’s how XYZ would complete Section D: 
used in the current tax year.
                                                                 Code Amount from      Amount awarded  Total used this 
Total used this year. Fill in the credit amount you’re using                prior year       this year year
this year. This amount can’t be more than the combined           850        0                $15,000   $15,000
total of the “Amount from prior year” and the “Amount 
awarded this year” lines. This amount also can’t be more         Example 3. Same facts as Example 2 except XYZ Corporation 
than any credit limitation for that credit. Excess credit not    also had a fish screening credit of $5,000 for the prior year 
used this year may be carried forward to the next year, if       that they were unable to use because it would have reduced 
it doesn’t expire according to the carryfor ward rules of the    tax below the minimum tax. Here’s how XYZ will complete 
credit.                                                          Section D, reporting the prior year and current year credits 
Total. Fill in the total of all carryforward credits being used. on the same line: 
Enter this amount on your return on the line indicated.          Code Amount from      Amount awarded  Total used this 
                                                                            prior year       this year year
Important                                                        850        $5,000           $15,000   $20,000
Forms OR-20, OR-20-INS, and OR-20-S (excise tax) filers: 
Total standard and carryforward credits used can’t reduce 
your excise tax below minimum tax. If your total standard        Section E: Refundable credits (Forms OR-20, 
and carryforward credits would reduce your tax below the         OR-20-INC, and OR-20-INS only)
minimum tax, you need to reduce how much you’re using            Refundable  credits  can  only  be  claimed  on  your  current 
on one or more of your credits (see Example 1). Use standard     year’s tax return. Any amount that’s more than your tax 
credits first. If you have more than one carryforward credit,    will be refunded to you. There are no refundable credits 
consider using the maximum allowed on credits with ear-          available to S corporations.
lier expirations first. List the credits in the order you would 
like to use them.                                                There is only one refundable credit for C corporations:
Form OR-20-INC and OR-20-S (income tax) filers: You              •  Claim of right credit. A claim of right exists when you’re 
don’t have a minimum tax. Total standard and carryfor-           taxed on income and later find you have no right to that 
ward credits used can’t reduce your income tax below zero.       income and must repay it. Oregon allows a claim of right 
If your total standard and carryforward credits would            credit if your federal tax liability is computed under IRC 
reduce your tax below zero, you need to reduce how much          Section 1341(a) (ORS 315.068 and supporting rules). 
you’re using on one or more of your credits (see Example 1).     Complete Section E with refundable credits you're report-
Use standard credits first. If you have more than one car-       ing. Fill in the code number and amount for your credits. 
ryforward credit, consider using the maximum allowed on 
credits with earlier expirations first. List the credits in the  Fill in the total of all refundable credits. Enter this amount 
order you would like to use them.                                on your return on the line indicated.

Examples                                                         Do you have  questions or need help?
Example 1. ABC Corporation files an OR-20 for the current 
                                                                   www.oregon.gov/dor
year. Dur ing the year, ABC earns a $6,000 crop donation 
                                                                 503-378-4988 or 800-356-4222
credit. The corporation’s net tax before any credits is $3,500, 
                                                                 questions.dor @ dor.oregon.gov
with a minimum tax of $150. Here’s how ABC would com-
plete Section D:                                                 Contact us for ADA accommodations or assistance in other 
                                                                 languages.
Code    Amount from   Amount awarded   Total used this 
          prior year         this year year
843        0                 $6,000    $3,350

150-102-033-12                                                                                 2022 Schedule OR-ASC-CORP Instructions (Rev. 09-27-22)