Bill Text: OR SB595 | 2013 | Regular Session | Introduced

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Bill Title: Relating to corporate excise taxation; prescribing an effective date.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB595 Detail]

Download: Oregon-2013-SB595-Introduced.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 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 1368

                         Senate Bill 595

Sponsored by Senators OLSEN, THOMSEN; Senator KNOPP

                             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.

  Decreases corporate minimum tax imposed on certain C
corporations by establishing corporate minimum tax of $150 for
all corporations. Decreases corporate excise tax rates.
  Applies to tax years beginning on or after January 1, 2013.
  Takes effect on 91st day following adjournment sine die.

                        A BILL FOR AN ACT
Relating to corporate excise taxation; creating new provisions;
  amending ORS 317.061 and 317.090; and prescribing an effective
  date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 317.090 is amended to read:
  317.090. (1)  { + Each corporation or affiliated group of
corporations filing a return under ORS 317.710 shall pay annually
to the state, for the privilege of carrying on or doing business
by it within this state, a minimum tax of $150. + }   { - As used
in this section: - }
    { - (a) 'Oregon sales' means: - }
    { - (A) If the corporation apportions business income under
ORS 314.650 to 314.665 for Oregon tax purposes, the total sales
of the taxpayer in this state during the tax year, as determined
for purposes of ORS 314.665; - }
    { - (B) If the corporation does not apportion business income
for Oregon tax purposes, the total sales in this state that the
taxpayer would have had, as determined for purposes of ORS
314.665, if the taxpayer were required to apportion business
income for Oregon tax purposes; or - }
    { - (C) If the corporation apportions business income using a
method different from the method prescribed by ORS 314.650 to
314.665, Oregon sales as defined by the Department of Revenue by
rule. - }
    { - (b) If the corporation is an agricultural cooperative
that is a cooperative organization described in section 1381 of
the Internal Revenue Code, 'Oregon sales' does not include sales
representing business done with or for members of the
agricultural cooperative. - }
    { - (2) Each corporation or affiliated group of corporations
filing a return under ORS 317.710 shall pay annually to the
state, for the privilege of carrying on or doing business by it
within this state, a minimum tax as follows: - }
    { - (a) If Oregon sales properly reported on a return
are: - }
    { - (A) Less than $500,000, the minimum tax is $150. - }
    { - (B) $500,000 or more, but less than $1 million, the
minimum tax is $500. - }
    { - (C) $1 million or more, but less than $2 million, the
minimum tax is $1,000. - }
    { - (D) $2 million or more, but less than $3 million, the
minimum tax is $1,500. - }
    { - (E) $3 million or more, but less than $5 million, the
minimum tax is $2,000. - }
    { - (F) $5 million or more, but less than $7 million, the
minimum tax is $4,000. - }
    { - (G) $7 million or more, but less than $10 million, the
minimum tax is $7,500. - }
    { - (H) $10 million or more, but less than $25 million, the
minimum tax is $15,000. - }
    { - (I) $25 million or more, but less than $50 million, the
minimum tax is $30,000. - }
    { - (J) $50 million or more, but less than $75 million, the
minimum tax is $50,000. - }
    { - (K) $75 million or more, but less than $100 million, the
minimum tax is $75,000. - }
    { - (L) $100 million or more, the minimum tax is
$100,000. - }
    { - (b) If a corporation is an S corporation, the minimum tax
is $150. - }
    { - (3) - }   { + (2) + } The minimum tax is not
apportionable (except in the case of a change of accounting
periods), and is payable in full for any part of the year during
which a corporation is subject to tax.
  SECTION 2. ORS 317.061, as amended by section 9, chapter 745,
Oregon Laws 2009, is amended to read:
  317.061. The rate of the tax imposed by and computed under this
chapter is:
    { - (1) Six and six-tenths percent of the first $10 million
of taxable income, or fraction thereof; and - }
    { - (2) Seven and six-tenths percent of any amount of taxable
income in excess of $10 million. - }
   { +  (1) Five and one-half percent of the first $5 million of
taxable income, or fraction thereof;
  (2) Six and one-quarter percent of any amount of taxable income
in excess of $5 million but not more than $10 million; and
  (3) Seven percent of any amount of taxable income in excess of
$10 million. + }
  SECTION 3.  { + The amendments to ORS 317.061 and 317.090 by
sections 1 and 2 of this 2013 Act apply to tax years beginning on
or after January 1, 2013. + }
  SECTION 4.  { + This 2013 Act takes effect on the 91st day
after the date on which the 2013 regular session of the
Seventy-seventh Legislative Assembly adjourns sine die. + }
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