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Oregon Free Printable Schedule OR-SPS, Severance Pay Subtraction, 150-101-705 for 2024 Oregon Severance Pay Subtraction (OBSOLETE)

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Severance Pay Subtraction (OBSOLETE)
Schedule OR-SPS, Severance Pay Subtraction, 150-101-705

Clear This Page Schedule OR-SPS Office use only Page 1 of 2, 150-101-705 (Rev. 12-17) 17140001010000 Oregon Department of Revenue Severance Pay Subtraction Schedule Submit original form—do not submit photocopy. Note: Only available for tax years beginning on or after January 1, 2010 and before January 1, 2014. You must complete this form for each business you invest in and include it with your tax return for the year you claim the subtraction. See instructions. Last name First name and initial Social Security number (SSN) – – Street address State City Phone ( ) ZIP code Email address – PART A—Severance pay received information Amount of severance pay received .00 $ Date received / Name of employer Date of termination / / Phone ( ) / – Employer’s street address City State Type of business ZIP code Number of employees Position/title at termination PART B—Small business investment information Name of business Federal employer identification number (FEIN) – Street address City State Type of business ZIP code Phone ( Year business started ) – Type of entity (1) Sole proprietorship (2) Partnership (7) S corporation (3) LLP (4) LLC (5) LP (6) C corporation (8) Other Check if business is: (1) Independently owned/operated (2) Operated for profit Principal activity code Your position/title Describe your role/duties Number of hours you worked in this business during the tax year Clear This Page Schedule OR-SPS Page 2 of 2, 150-101-705 (Rev. 12-17) Oregon Department of Revenue 17140001020000 How has your severance pay investment impacted the small business? How was/is your investment intended to be used? (Buy equipment, expansion, new hires, etc.) Small business sales and employee information Number of employees Yearly gross sales (in dollars) Previous year................................. ............................. $ .00 Year of investment (actual or estimated)..................... ............................. $ .00 One year following investment (estimated)..................................... ............................. $ .00 Two years following investment (estimated)..................................... ............................. $ .00 PART C—Severance pay subtraction calculation worksheet .00 1. Enter the amount of severance pay actually invested in a qualifying small business....1. $ $500,000 .00 2. Enter $500,000 ..........................................................................................................2. 3. Enter the lesser of line 1 or 2......................................................................................3. .00 $ . 4. Multiply by Oregon sales factor, if applicable.............................................................4. 5. Subtraction amount (line 3 times line 4 or enter line 3 if no sales factor)...................5. % .00 $ Enter the subtraction amount from line 5 on the “other subtractions” line on your Oregon tax return or Schedule OR-ASC. Use subtraction code 349. I have read and understand the requirements of this subtraction as outlined in this form. The information provided is correct and accurate according to my best information and belief. Taxpayer’s signature X Date / / Keep a copy of this form for your records. Include this form with your return in the year for which you are claiming the subtraction. Schedule OR-SPS Instructions Page 1 of 1, 150-101-705 (Rev. 12-17) Oregon Department of Revenue Oregon Severance Pay Substraction Schedule Instructions The severance pay subtraction is available for tax years 2010 through 2013. You may subtract severance pay when invested in certain small businesses. You must claim the subtraction in the same year you receive the severance pay. General qualifications required to claim the severance pay subtraction Your severance pay investment: • Cannot be invested in the same business that paid your severance pay. • Must occur before the due date of your tax return (including extensions). • Cannot be a loan to a qualifying small business. (You must receive an ownership interest.) • Must stay invested in the business for 24 consecutive months. (If you withdraw any portion during the 24-month period, you must amend your tax return to correct the subtraction amount.) The business you are investing in must: • Not have more than 50 employees, including yourself. • Operate for profit (cannot be a nonprofit business). • Be independently owned and operated from all other businesses. You must materially participate in the business (this means you are regularly, continuously, and substantially involved in the operation of the business). You are considered to be materially participating if you: • Worked more than 500 hours per year in the business; • Worked more than 100 hours per year in the business and at least as much as any other employee or owner; or • Have performed substantially all of the work in the business. Note: If you are using either the 500 or 100-hour qualification, you must keep a log of your time spent working in the business. Part A: Severance pay information Severance pay is compensation (other than wages, vacation, or sick pay) paid to you upon termination of your employment. Part B: Small business information The law requires us to collect information about the business you have invested in. You must provide the following business information in order to receive a subtraction: • Name, address, and phone number. • FEIN. • Year the business started. • Information about number of employees and gross sales. • Type of entity (partnership, sole proprietorship, C or S Corporation, LLC, etc.). • Business activity code as listed on one of the following federal forms: — Form 1065, line A; — Schedule C, Form 1040, box B; — Schedule K, line 2a; or — Form 1120S, box B. • Description of how your investment impacts the small business (for example: buying hardware, new hires, marketing, expansion, etc.). Part C: Severance pay subtraction calculation worksheet The subtraction is the lesser of your investment or $500,000. If the business has operations outside of Oregon, you must multiply line 4 by your sales factor. Keeping records You must keep current and complete records of your time spent working in the business to show you meet the minimum material participation requirements. You must also keep a monthly log of the amount of severance pay you invested in the business for 24 months beginning with the date of your termination. Filing instructions Include this form with your tax return for the year in which you are claiming the subtraction. If you are filing electronically and your software does not support attaching this form as a PDF, you may submit this form electronically using Revenue Online at w ­ ww.oregon.gov/dor. Taxpayer assistance Do you have questions or need help? ­www.oregon.gov/dor (503) 378-4988 or 1 (800) 356-4222 ­[email protected] Contact us for ADA accommodations or assistance in other languages.
Extracted from PDF file 2019-oregon-form-sps.pdf, last modified October 2017

More about the Oregon Form SPS Individual Income Tax

You may subtract severance pay when invested in certain small businesses. You must claim the subtraction in the same year you receive the severance pay. Not used after 2014 tax year.

We last updated the Severance Pay Subtraction (OBSOLETE) in March 2021, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Oregon Department of Revenue. You can print other Oregon tax forms here.

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Other Oregon Individual Income Tax Forms:

TaxFormFinder has an additional 50 Oregon income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form OR-40 Instructions Individual Income Tax Return Instructions for Full-year Residents
Form 40-ESV Estimated Income Tax Payment Voucher
Schedule OR-A Oregon Itemized Deductions
Form 40 Resident Individual Income Tax Return
Form OR-STT-1 Oregon Quarterly Statewide Transit Tax Withholding Return

Download all OR tax forms View all 51 Oregon Income Tax Forms

Form Sources:

Oregon usually releases forms for the current tax year between January and April. We last updated Oregon Form SPS from the Department of Revenue in March 2021.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Oregon Form SPS

We have a total of nine past-year versions of Form SPS in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2019 Form SPS

Schedule OR-SPS, Severance Pay Subtraction, 150-101-705

2018 Form SPS

Schedule OR-SPS, Severance Pay Subtraction, 150-101-705

2017 Form SPS

Schedule OR-SPS, Severance Pay Subtraction, 150-101-705

2016 Form SPS

Schedule OR-SPS, Severance Pay Subtraction, 150-101-705

2015 Form SPS

Form SPS, Severance Pay Subtraction, 150-101-705

Severance Pay Subtraction 2014 Form SPS

Form SPS, 150-101-705

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