75th OREGON LEGISLATIVE ASSEMBLY--2009 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 3179
 
                         House Bill 2698
 
Sponsored by Representative RILEY
 
 
                             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.
 
  Requires addition to taxable income for Oregon tax purposes of
contributions to employee stock ownership plans exempted from
federal taxable income of employees and employers because of
operation of certain federal laws. Requires corresponding
subtraction from taxable income if amounts are included in
federal taxable income in later tax year.
  Applies to tax years beginning on or after January 1, 2010.
 
                        A BILL FOR AN ACT
Relating to tax expenditures; and providing for revenue raising
  that requires approval by a three-fifths majority.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2009 Act is added to and made
a part of ORS chapter 316. + }
  SECTION 2.  { + (1) To derive Oregon taxable income, there
shall be added to federal taxable income a positive amount equal
to the difference between the amount of employer stock ownership
plan contributions made for the benefit of the taxpayer and
exempted from the taxpayer's income for federal tax purposes and
the amount of income that would be attributable to the taxpayer
for federal tax purposes if sections 401(a)(28), 404(a)(9),
404(k), 415(c)(6), 1042, 4975(e)(7), 4978 and 4979A of the
Internal Revenue Code did not apply.
  (2) To derive Oregon taxable income, there shall be subtracted
from federal taxable income any amount that was taken into
account as an addition under subsection (1) of this section in a
prior tax year and that is included in federal taxable income for
federal tax purposes in the current tax year. + }
  SECTION 3.  { + Section 4 of this 2009 Act is added to and made
a part of ORS chapter 317. + }
  SECTION 4.  { + (1) To derive Oregon taxable income, there
shall be added to federal taxable income a positive amount equal
to the difference between the amount of employer stock ownership
plan contributions made by the taxpayer and exempted from the
taxpayer's income for federal tax purposes and the amount of
income that would be attributable to the taxpayer for federal tax
purposes if sections 401(a)(28), 404(a)(9), 404(k), 415(c)(6),
1042, 4975(e)(7), 4978 and 4979A of the Internal Revenue Code did
not apply.
  (2) To derive Oregon taxable income, there shall be subtracted
from federal taxable income any amount that was taken into
account as an addition under subsection (1) of this section in a
prior tax year and that is included in federal taxable income for
federal tax purposes in the current tax year. + }
  SECTION 5.  { + Sections 2 and 4 of this 2009 Act apply to tax
years beginning on or after January 1, 2010. + }
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