Bill Text: OR SB703 | 2013 | Regular Session | Introduced

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Bill Title: Relating to tax treatment of loss attributable to fraud; prescribing an effective date.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB703 Detail]

Download: Oregon-2013-SB703-Introduced.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 3192

                         Senate Bill 703

Sponsored by Senator GIROD

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Permits taxpayer to carry forward unclaimed tax loss from
previous tax year when loss is attributable to fraud.
  Takes effect on 91st day following adjournment sine die.

                        A BILL FOR AN ACT
Relating to tax treatment of loss attributable to fraud; and
  prescribing an effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2013 Act is added to and made
a part of ORS chapter 316. + }
  SECTION 2.  { + A taxpayer may claim, in the current tax year,
a loss that the taxpayer was unable to claim in a previous tax
year when:
  (1) That loss was the result of an investment in an entity;
  (2) The management of the entity was later found by a court of
law to be charged with fraud in connection with the entity; and
  (3) The entity was declared bankrupt. + }
  SECTION 3.  { + This 2013 Act takes effect on the 91st day
after the date on which the 2013 regular session of the
Seventy-seventh Legislative Assembly adjourns sine die. + }
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