SB 1529

  • Oregon Senate Bill
  • 2018 Regular Session
  • Introduced in Senate Feb 14, 2018
  • Senate
  • House
  • Signed by Governor Apr 10, 2018

Relating to connection to federal tax law; and prescribing an effective date.

Abstract

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. Establishes Employer Incentive Fund for purpose of incentivizing participating public employers to make lump sum prepayments of employer contributions to Public Employees Retirement System. Establishes School Districts Unfunded Liability Fund for purpose of applying moneys against liabilities of participating public employers in system that are school districts. 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,] distribute entire estimated amount to Employer Incentive Fund and to School Districts Unfunded Liability 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 jurisdiction. 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 jurisdiction. Directs Department of Revenue to report to committee of Legislative Assembly on relative efficacy of Oregon law requiring inclusion for corporate tax purposes income of corporation incorporated in off-shore jurisdictions, in comparison to federal law provision requiring shareholders of controlled foreign corporations to include global intangible low-taxed income in gross income. Takes effect on 91st day following adjournment sine die.

Bill Sponsors (0)

Votes


Actions


Apr 17, 2018

Oregon Legislative Assembly

Effective date, June 2, 2018.

Apr 17, 2018

Oregon Legislative Assembly

Chapter 101, 2018 Laws.

Apr 10, 2018

Oregon Legislative Assembly

Governor signed.

Mar 07, 2018

Oregon Legislative Assembly

Speaker signed.

Mar 06, 2018

Oregon Legislative Assembly

President signed.

Mar 03, 2018

Oregon Legislative Assembly

Senate concurred in House amendments and repassed bill.

Mar 02, 2018

Oregon Legislative Assembly

Vote explanation(s) filed by Smith DB.

Mar 02, 2018

Oregon Legislative Assembly

Third reading. Carried by Barnhart. Passed.

Mar 02, 2018

Oregon Legislative Assembly

Motion to substitute Minority Report for Committee Report failed.

Mar 02, 2018

Oregon Legislative Assembly

Second reading.

Mar 02, 2018

Oregon Legislative Assembly

Minority Recommendation: Do pass with different amendments and be printed B-Engrossed.

Mar 02, 2018

Oregon Legislative Assembly

Recommendation: Do pass with amendments and be printed B-Engrossed.

Feb 28, 2018

Oregon Legislative Assembly

Work Session held.

Feb 27, 2018

Oregon Legislative Assembly

Work Session held.

Feb 22, 2018

Oregon Legislative Assembly

Public Hearing held.

Feb 15, 2018

Oregon Legislative Assembly

Referred to Revenue.

Feb 14, 2018

Oregon Legislative Assembly

First reading. Referred to Speaker's desk.

Feb 13, 2018

Oregon Legislative Assembly

Third reading. Carried by Hass. Passed.

Feb 13, 2018

Oregon Legislative Assembly

Motion to re-refer to Committee on Finanace and Revenue to adopt the -6 amendments failed.

Feb 12, 2018

Oregon Legislative Assembly

Second reading.

Feb 09, 2018

Oregon Legislative Assembly

Recommendation: Do pass with amendments. (Printed A-Eng.)

Feb 09, 2018

Oregon Legislative Assembly

Work Session held.

Feb 08, 2018

Oregon Legislative Assembly

Public Hearing and Work Session held.

Feb 05, 2018

Oregon Legislative Assembly

Referred to Finance and Revenue.

Feb 05, 2018

Oregon Legislative Assembly

Introduction and first reading. Referred to President's desk.

Jan 22, 2018

Oregon Legislative Assembly

Presession Released to the Public.

Bill Text

Bill Text Versions Format
Senate Amendments to Introduced PDF
Minority Report to B-Engrossed PDF
Introduced PDF
House Minority Amendments to A-Engrossed PDF
House Amendments to A-Engrossed PDF
Enrolled PDF
B-Engrossed PDF
A-Engrossed PDF

Related Documents

Document Format
No related documents.

Sources

Data on Open States is updated periodically throughout the day from the official website of the Oregon Legislative Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.