Signed by Governor Kate Brown

Vote Smart's Synopsis:

Vote to pass with amendment a bill that amends the Oregon Corporate tax code.

Highlights:

• Amends the conformity date of Oregon’s Internal Revenue Code (IRC) to December 31, 2017 (Sec. 1-26).

• Specifies that the effective and applicable dates, and the exceptions, special rules and coordination with the IRC, as amended, relative to those dates, apply for Oregon personal income and corporate excise and income tax purposes (Sec. 27).

• Specifies that amounts deducted for repatriated income will be added to federal taxable income for deriving Oregon taxable income (Sec. 28).

• Specifies that a credit against the taxes otherwise due under the IRC will be allowed to a taxpayer for Oregon tax attributable to income reported under section 96 of the IRC as post-1986 deferred foreign income (Sec. 33).

• Establishes the Employer Incentive Fund for the purpose of incentivizing participating public employers to make lump sum prepayments of employer contributions (Sec. 31).

• Establishes the School Districts Unfunded Liability Fund for the purpose of applying the moneys against the liabilities of participating public employers that are school districts (Sec. 31).

Full Bill Text