Colorado
Whether the association is a C corporation or elects to file under IRC §528, an HOA in Colorado is liable for Colorado income tax. Colorado corporate income tax is 4.63% of Federal taxable income (net income reported on either Form 1120 or 1120-H) plus or minus certain adjustments. The main adjustment likely to apply to HOAs is that Colorado income taxes are not deductible in computing Colorado taxable income (they are added back to Federal net income).
Oregon
A homeowners association organized and operated under IRC §528(c) may elect to be treated as a tax-exempt organization (ORS 317.067). The association must make the election no later than the time prescribed by law for filing the return. The association can make the election by including a copy of the Form 1120-H they filed with the IRS. Tax-exempt status will only exempt the association from tax on exempt function income, as defined by the IRS, such as membership dues, fees, and assessments from member-owners. Oregon follows the federal definition of nonexempt function income for homeowners associations.
File either an Oregon Form OR-20 or Form OR-20-INC, with a copy of federal Form 1120-H, if the association has taxable income after the specific deduction of $100. Taxable income for Oregon is generally the same as for federal purposes, except net capital gains are included.
An association filing Oregon Form OR-20 is subject to either computed excise tax or Oregon minimum tax, whichever is greater. For minimum tax purposes, include in “Oregon sales” only Oregon nonexempt function income.
If you don’t have nonexempt function income, only file a copy of your federal Form 1120-H with us. You don’t need to file a Form OR-20 or a Form OR-20-INC.
See more at http://www.oregon.gov/DOR/programs/businesses/Pages/corp-nonprofit.aspx
Florida
Homeowner and condominium associations that file federal Form 1120 must file Florida Form F-1120 or
F-1120A regardless of whether any tax may be due. If you file federal Form 1120-H, you are not
required to file a Florida return.
New Jersey
Most New Jersey condominium and homeowner associations are not required to file state tax returns, as they are incorporated under Title 15A, and therefore are not subject to state income
taxes.
taxes.