Senate Bill 1529

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. <b>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.</b> Directs Department of Revenue to estimate amount of increased corporate tax revenue attributable to treatment of post-1986 deferred foreign income and <i>transfer equal amount to Oregon Rainy Day Fund,</i>] <b>distribute entire estimated amount to Employer Incentive Fund and to School Districts Unfunded Liability Fund,</b> 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. <b>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.</b> Takes effect on 91st day following adjournment sine die.

• Finanace and Revenue to adopt the -6 amendments12–16

  Feb 13 · 2 present

• Senate, third reading28–0

  Passed · Feb 13 · 2 present

• House of Representatives, third reading25–35

  Mar 2

• House of Representatives, third reading39–21

  Passed · Mar 2

• Senate, concurrence29–0

  Agreed to the other chamber's changes · Mar 3 · 1 present

• Senate committee amendmentAdopted

  Adopted Feb 9

• House of Representatives committee amendmentAdopted

  Adopted Mar 1

l9n doesn't hold this bill's text yet.

In the Senate Jan 22 – Feb 13

1. Jan 22Filed before the session
2. Feb 5Introduced
3. Sent to Finance and Revenue
4. Feb 8Heard in Finance and Revenue
5. Feb 9Heard in Finance and Revenue
6. Finance and Revenue recommended it as amended
7. Feb 12Read a second time
8. Feb 13Passed the Senate, 28 to 0

In the House of Representatives Feb 14 – Mar 2

1. Feb 14Arrived in the House of Representatives
2. Feb 15Sent to Revenue
3. Feb 22Heard in Revenue
4. Feb 27Heard in Revenue
5. Feb 28Heard in Revenue
6. Mar 1Revenue recommended it as amended
7. Mar 2Read a second time
8. Passed the House of Representatives, 39 to 21

Back in the Senate Mar 3 – Mar 6

1. Mar 3The Senate agreed to the House of Representatives's amendments and passed it again, 29 to 0
2. Mar 6Signed in the Senate

To the Governor Mar 6 – Apr 17

1. Mar 6Signed in the House of Representatives
2. Apr 10Signed by the Governor
3. Apr 17Became chapter 101 of Oregon Laws 2018
4. In force from June 2, 2018