Full Petition Text
The People of the State of Oregon enact this law, to be added to and made part of ORS Chapter 317.
(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.
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.
(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.