ORS 317.667

A captive insurer, as defined in ORS 735.150, making a valid election under section 831(b) of the Internal Revenue Code of 1986, as amended, shall be afforded the same tax treatment on receipt of premiums and tax on investment earnings for state income tax purposes as exists for federal income tax purposes except that the income tax rates on taxable income of the captive insurer shall be those identified under state law rather than federal law.