OR SB1529 | 2018 | Regular Session
Status
Completed Legislative Action
Spectrum: Unknown
Status: Passed on April 17 2018 - 100% progression
Action: 2018-04-17 - Effective date, June 2, 2018.
Text: Latest bill text (Engrossed) [PDF]
Spectrum: Unknown
Status: Passed on April 17 2018 - 100% progression
Action: 2018-04-17 - Effective date, June 2, 2018.
Text: Latest bill text (Engrossed) [PDF]
Summary
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.
Title
Relating to connection to federal tax law; and prescribing an effective date.
Sponsors
| No sponsor information available at this time. |
Roll Calls
2018-03-03 - Senate - Senate Third Reading in Concurrence (Y: 29 N: 0 NV: 0 Abs: 1) [PASS]
2018-03-02 - House - House Third Reading (Y: 39 N: 21 NV: 0 Abs: 0) [PASS]
2018-03-02 - House - House Motion to substitute Minority Report (Y: 25 N: 35 NV: 0 Abs: 0) [FAIL]
2018-02-28 - House - House Committee Do pass with amendments. (Printed B-Eng.) (Y: 5 N: 4 NV: 0 Abs: 0) [PASS]
2018-02-13 - Senate - Senate Third Reading (Y: 28 N: 0 NV: 0 Abs: 2) [PASS]
2018-02-13 - Senate - Senate (Y: 12 N: 16 NV: 0 Abs: 2) [FAIL]
2018-02-09 - Senate - Senate Committee Do pass with amendments. (Printed A-Eng.) (Y: 3 N: 2 NV: 0 Abs: 0) [PASS]
2018-03-02 - House - House Third Reading (Y: 39 N: 21 NV: 0 Abs: 0) [PASS]
2018-03-02 - House - House Motion to substitute Minority Report (Y: 25 N: 35 NV: 0 Abs: 0) [FAIL]
2018-02-28 - House - House Committee Do pass with amendments. (Printed B-Eng.) (Y: 5 N: 4 NV: 0 Abs: 0) [PASS]
2018-02-13 - Senate - Senate Third Reading (Y: 28 N: 0 NV: 0 Abs: 2) [PASS]
2018-02-13 - Senate - Senate (Y: 12 N: 16 NV: 0 Abs: 2) [FAIL]
2018-02-09 - Senate - Senate Committee Do pass with amendments. (Printed A-Eng.) (Y: 3 N: 2 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2018-04-17 | Senate | Effective date, June 2, 2018. |
| 2018-04-17 | Senate | Chapter 101, 2018 Laws. |
| 2018-04-10 | Senate | Governor signed. |
| 2018-03-06 | House | Speaker signed. |
| 2018-03-06 | Senate | President signed. |
| 2018-03-03 | Senate | Senate concurred in House amendments and repassed bill. Ayes, 29; Excused, 1--Kruse. |
| 2018-03-02 | House | Vote explanation(s) filed by Smith DB. |
| 2018-03-02 | House | Rules suspended. Third reading. Carried by Barnhart. Passed. Ayes, 39; Nays, 21--Barreto, Boles, Bonham, Buehler, Esquivel, Findley, Hayden, Heard, Helfrich, Kennemer, Lewis, Nearman, Noble, Olson, Parrish, Post, Reschke, Smith DB, Vial, Whisnant, Wilson. |
| 2018-03-02 | House | Rules suspended. Motion to substitute Minority Report for Committee Report failed. Ayes, 25; Nays, 35--Alonso Leon, Barker, Barnhart, Boone, Bynum, Clem, Doherty, Evans, Fahey, Gomberg, Gorsek, Greenlick, Helm, Hernandez, Holvey, Keny-Guyer, Lively, Malstrom, Marsh, McKeown, McLain, Meek, Nathanson, Nosse, Piluso, Power, Rayfield, Reardon, Salinas, Sanchez, Smith Warner, Sollman, Williamson, Witt, Speaker Kotek. |
| 2018-03-02 | House | Second reading. |
| 2018-03-01 | House | Minority Recommendation: Do pass with different amendments and be printed B-Engrossed. |
| 2018-03-01 | House | Recommendation: Do pass with amendments and be printed B-Engrossed. |
| 2018-02-28 | House | Work Session held. |
| 2018-02-27 | House | Work Session held. |
| 2018-02-22 | House | Public Hearing held. |
| 2018-02-15 | House | Referred to Revenue. |
| 2018-02-14 | House | First reading. Referred to Speaker's desk. |
| 2018-02-13 | Senate | Third reading. Carried by Hass. Passed. Ayes, 28; Excused, 2--Kruse, Riley. |
| 2018-02-13 | Senate | Motion to re-refer to Committee on Finanace and Revenue to adopt the -6 amendments failed. Ayes, 12; Nays, 16--Beyer, Burdick, Dembrow, Frederick, Gelser, Hass, Johnson, Manning Jr, Monnes Anderson, Monroe, Prozanski, Roblan, Steiner Hayward, Taylor, Wagner, President Courtney; Excused, 2--Kruse, Riley. |
| 2018-02-12 | Senate | Second reading. |
| 2018-02-09 | Senate | Recommendation: Do pass with amendments. (Printed A-Eng.) |
| 2018-02-09 | Senate | Work Session held. |
| 2018-02-08 | Senate | Public Hearing and Work Session held. |
| 2018-02-05 | Senate | Referred to Finance and Revenue. |
| 2018-02-05 | Senate | Introduction and first reading. Referred to President's desk. |
| 2018-01-22 | Senate | Presession Released to the Public. |
