2007 Regular Session
|At the request of:||(at the request of Governor Theodore R. Kulongoski for Department of Revenue)|
|Regular Sponsors:||(Presession Filed)|
|Bill Title:||Relating to insurance company income apportionment; and prescribing an effective date.|
|Catchline/Summary:||Authorizes insurers with both in-state and out-of-state business activity to petition Department of Revenue for modification of apportionment formula used to apportion income between Oregon and out-of-state sources, if existing formula does not produce fair and equitable apportionment.
Authorizes department to permit or require modification of apportionment formula in order to produce fair and equitable apportionment. Applies to tax years beginning on or after January 1, 2007 , and to tax years for which returns are subject to audit or adjustment by department]. Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||Has Minimal Fiscal Impact|
|Revenue Impact:||Revenue Impact Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|