This is a great idea: Although this is somewhat late -- now that businesses have successfully almost eliminated corporate taxation in Oregon and put the entire burden of paying for government services on individuals and families --
better late than never!
Spread this among your friends and neighbors, and ask them to download & sign the petition and mail it in.
The People of the State of Oregon enact this law, to be added to and made part of ORS Chapter 317.
SECTION 1.
(1) All publicly traded corporations (including their affiliates
and subsidiaries) 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 2 if of this Act.
(2) For tax years ending between and including January 1, 2016
through December 31, 2017, the statement required by this section must
be filed with the Secretary of State on or before March 15, 2019.
(3) For all tax years thereafter, the statement required by this
section must be filed at the same time as the corporation’s state tax
return is filed, but no later than November 30 of the year following the
end of the previous tax year.
SECTION 2.
The statement required under section 1 of this 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 corporation’s 4-digit North American Industry Classification System code number;
(3) A unique code number, assigned by the Secretary of State, to
identify the corporation, which code number will remain constant from
year to year;
(4) 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;
(5) State Taxes. The following tax-related 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. Taxable income reported on the corporation’s U.S. corporate income tax return;
b. Total additions claimed, each addition individually enumerated;
c. Total subtractions claimed, each subtraction individually enumerated;
d. Apportionment percentage used to calculate the corporation’s
taxable income in Oregon, including the apportionment factors for
property, payroll and sales, individually enumerated;
e. Net operating loss deduction;
f. Oregon taxable income;
g. Total tax liability in Oregon before credits;
h. Tax credits claimed and carryforward credits, with each credit individually enumerated;
i. Total tax due;
j. Total property or real estate income and interest in Oregon;
k. Total wages and compensation in Oregon;
l. Total sales in Oregon;
(6) Domestic and Offshore Activity Not Otherwise Reported. Total
deductions for management services fees and for royalty, interest,
license fees 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 and countries of domicile of the entities to which the payments
were made.
SECTION 3. Any corporation submitting a statement required by
section 2 of this 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 4. 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 after the final determination of
liability.
SECTION 5. A statement submitted under sections 1 to 4 of this
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. No statement for any corporation for a particular tax
year shall be publicly available until the first day of the third
calendar year that follows the calendar year in which the particular tax
year ends.
SECTION 6.
(1) The accuracy of the statements submitted under sections 1 to 4
of this 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 annual penalties of up to
0.25% of the corporation’s gross receipts in Oregon on any corporation
that fails to comply with the requirements of section 1 to 4 of this
Act. The penalty may not exceed $1 million annually. The Secretary of
State shall publish the names of any corporation subject to a penalty.
(3) The Secretary of State may promulgate any rules necessary to implement and enforce the provisions of this Act.
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