2018 Regular Session
|At the request of:||(at the request of Senate Interim Committee on Finance and Revenue)|
|Regular Sponsors:||Printed pursuant to Senate Interim Rule 213.28 by order of the President of the Senate in conformance with presession filing rules, indicating neither advocacy nor opposition on the part of the President.|
|Bill Title:||Relating to connection to federal tax law; prescribing an effective date.|
Updates connection date to federal Internal Revenue Code and other provisions of federal tax law.
Requires, for Oregon income tax purposes, addition to federal taxable income federal dividend received deduction for repatriated income, deemed or otherwise. Applies to tax years beginning on or after January 1, 2017. Directs Department of Revenue to estimate amount of increased corporate tax revenue attributable to treatment of post-1986 deferred foreign income and transfer equal amount to Oregon Rainy Day Fund, on or before July 1, 2021. Creates credit against corporate taxes in amount of lesser of Oregon tax attributable to treatment of post-1986 deferred foreign income or Oregon tax attributable to requirement, applicable to previous tax years, to add income of member of unitary group incorporated in off-shore jursdiction. Applies to tax years beginning on or after January 1, 2017, and before January 1, 2018. Repeals provisions requiring addition of income of member of unitary group incorporated in off-shore jursdiction. 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|
|Current Location:||In House Committee|
|Current Committee:||House Committee On Revenue|