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 2796
House Bill 3150
Sponsored by Representative SHIELDS
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 corporations doing business in Oregon to file tax
disclosure statements with Secretary of State. Specifies
information that must be disclosed by corporations. Declares that
tax disclosure statements filed by corporations are public
records. Directs Secretary of State to make tax disclosure
statements publicly available via Internet. Allows Secretary of
State to impose penalty for noncompliance with filing
requirements.
A BILL FOR AN ACT
Relating to corporate tax disclosure.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + Sections 2 to 5 of this 2009 Act are added to
and made a part of ORS chapter 317. + }
SECTION 2. { + (1) The following corporations that are doing
business in this state, and that are required to file an excise
or income tax return under ORS chapter 317 or 318, shall file
with the Secretary of State the statement described in section 3
of this 2009 Act:
(a) All publicly traded corporations, including corporations
traded on foreign stock exchanges;
(b) All affiliates of publicly traded corporations;
(c) All financial corporations and insurers; and
(d) Any other corporation if such corporation employs 25 or
more full-time equivalent employees in this state as of January 1
preceding the date a statement is required to be filed under this
section, or if such corporation had sales to customers located in
this state in excess of $10 million in the tax year immediately
preceding the year for which a statement is required to be filed
under this section.
(2) Personal service corporations, as defined in section 269A
of the Internal Revenue Code, are exempt from the requirement of
filing a statement under this section.
(3) For the fiscal year ending June 30, 2009, the statement
required by this section must be filed with the Secretary of
State on or before March 15, 2010. Thereafter, the statement must
be filed at the same time as the corporation's state tax return
is filed, but no later than March 15 of the year following the
end of the previous tax year. + }
SECTION 3. { + The statement required under section 2 of this
2009 Act shall be on a form and filed in a manner prescribed by
the Secretary of State and shall contain:
(1) The name of the corporation, the address of its principal
executive office, the corporation's business activity code, the
type of corporation and the name and address of its registered
agent;
(2) The state excise or income tax liability of the corporation
under ORS chapter 317 or 318 for the tax year ending in the
period beginning July 1 and ending June 30 immediately preceding
the date the statement is required to be filed;
(3) The name and principal address of any corporation or other
entity that owns, directly or indirectly, more than 50 percent of
the voting stock of the corporation filing the statement;
(4) The most recent assessed value of real and personal
property located in Oregon and the amount of tax assessed on that
property;
(5) The following information reported on the corporation's
income or excise tax return filed under ORS chapter 317 or 318,
or, in the case of a corporation included in a consolidated state
return, reported on the consolidated state return:
(a) Total receipts of the corporation or consolidated group;
(b) Taxable income of the corporation or the consolidated group
prior to net operating loss deductions or apportionment;
(c) Sales apportionment factors of the corporation or
consolidated group;
(d) Calculated overall apportionment factor for the corporation
or consolidated group;
(e) Total business income apportioned to the state;
(f) Net operating loss deduction, if any, of the corporation or
the consolidated group apportioned to the state;
(g) Total nonbusiness income of the corporation and the amount
of nonbusiness income allocated to the state;
(h) Total taxable income;
(i) Total tax before credits;
(j) Tax credits claimed, each credit individually enumerated;
(k) Tax due; and
(L) Tax paid; and
(6) The following additional information:
(a) Total deductions for management services fees and for
royalty, interest, license fee and similar payments made for the
use of intangible property to any affiliated entity that is not
included in the consolidated state return, if any, that includes
the corporation and the names of the entities to which the
payments were made;
(b) The sales factor that would be calculated for this state if
the corporation or consolidated group were required to treat as
sales in this state sales of tangible personal property to the
federal government and sales of tangible personal property
shipped or delivered to a customer in a state in which the
selling corporation is neither subject to a state corporate
income tax or state franchise tax measured by net income nor
could be subjected to such a tax were the state to impose the
tax;
(c) A description of the source of any nonbusiness income
reported on the return and the identification of the state or
states to which such income was reported;
(d) A listing of all corporations included in the consolidated
state return that includes the corporation, if such a return is
filed, and their taxpayer identification numbers;
(e) Full-time equivalent employment of the corporation in the
state on the last day of the tax year for which the return is
being filed and for the three previous tax years;
(f) In the case of a publicly traded corporation incorporated
in the United States or an affiliate of such a publicly traded
corporation, profits before tax reported on the Securities and
Exchange Commission Form 10-K for the corporation or the
consolidated group of which the corporation is a member for the
corporate fiscal year that contains the last day of the tax year
for which the return is filed;
(g) The property and payroll factors for this state calculated
as required by the Uniform Division of Income for Tax Purposes
Act as embodied in Article IV of the Multistate Tax Compact and
Multistate Tax Commission regulations applying thereto; and
(h) Accumulated tax credit carryovers, enumerated by
credit. + }
SECTION 4. { + Any corporation submitting a statement required
by section 2 of this 2009 Act shall be permitted to submit
supplemental information that, in its sole judgment, can
facilitate proper interpretation of the information included in
the statement. + }
SECTION 5. { + If a corporation files an amended tax return,
the corporation shall file a revised statement within 60 calendar
days after the amended return is filed. If a corporation's tax
liability for a tax year is changed as the result of an
uncontested audit adjustment or final determination of the
Department of Revenue or by the Oregon Tax Court or Oregon
Supreme Court, the corporation shall file a revised statement
within 60 calendar days of the final determination of
liability. + }
SECTION 6. { + A statement submitted under sections 2 to 5 of
this 2009 Act is a public record to be maintained in the office
of the Secretary of State. The Secretary of State shall make all
information contained in the statements for all filing
corporations available to the public on an ongoing basis in the
form of a searchable database accessible through the
Internet. + }
SECTION 7. { + (1) The accuracy of the statements submitted
under sections 2 to 5 of this 2009 Act shall be attested to in
writing by the chief operating officer of the corporation and
shall be subject to audit by the Department of Revenue under the
normal procedures applicable to corporate income tax returns.
(2) The Secretary of State may impose a penalty of up to $___
on any corporation that fails to comply with the requirements of
sections 2 to 5 of this 2009 Act. The Secretary of State shall
publish the names of any corporations subject to such a penalty.
(3) The Secretary of State may promulgate any rules necessary
to implement this section and sections 2 to 5 and 6 of this 2009
Act. + }
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