Legal Opinion
Pacific First Federal Savings Bank v. Department of Revenue
Oregon Supreme Court
Decided September 19, 1989No. OTC 2719; SC S35789PublishedCited by 8 opinions
1Opinion of the CourtJones, J.
The issue in this case is whether applying Oregon’s Corporation Excise Tax to interest earned on federal obligations violates federal law. The Oregon Tax Court ruled that it does not. Pacific First Federal v. Dept. of Rev., 11 OTR 96 (1988). We affirm.
The facts are not disputed. Pacific First Federal Savings Bank (Pacific) is a federally chartered stock savings bank whose home office is in Tacoma, Washington. Since 1979, Pacific has been doing business in Oregon. For taxable years before January 1,1983, financial corporations doing business in Oregon, including Pacific, paid Oregon’s…
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