Bill Text: OR SB715 | 2011 | Regular Session | Introduced

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Bill Title: Relating to tax treatment of capital gains; prescribing an effective date.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2011-06-30 - In committee upon adjournment. [SB715 Detail]

Download: Oregon-2011-SB715-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 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 1702

                         Senate Bill 715

Sponsored by Senator ATKINSON

                             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.

  Creates subtraction for net capital gain for purposes of
personal income and corporate income and excise taxation. Applies
to tax years beginning on or after January 1, 2012, and before
January 1, 2013.
  Takes effect on 91st day following adjournment sine die.

                        A BILL FOR AN ACT
Relating to tax treatment of capital gains; creating new
  provisions; amending ORS 318.020; and prescribing an effective
  date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2011 Act is added to and made
a part of ORS chapter 316. + }
  SECTION 2.  { + There shall be subtracted from federal taxable
income any gain that is treated as net capital gain for federal
tax purposes. + }
  SECTION 3.  { + Section 4 of this 2011 Act is added to and made
a part of ORS chapter 317. + }
  SECTION 4.  { + There shall be subtracted from federal taxable
income any gain that is treated as net capital gain for federal
tax purposes. + }
  SECTION 5. ORS 318.020 is amended to read:
  318.020. (1) There hereby is imposed upon every corporation for
each taxable year a tax at the rate provided in ORS 317.061 upon
its Oregon taxable income derived from sources within this state,
other than income for which the corporation is subject to the tax
imposed by ORS chapter 317 according to or measured by its Oregon
taxable income.
  (2) Income from sources within this state includes income from
tangible or intangible property located or having a situs in this
state and income from any activities carried on in this state,
regardless of whether carried on in intrastate, interstate or
foreign commerce.
    { - (3) Income that constitutes net long-term capital gain
described in ORS 317.063 shall be taxed at the rate imposed under
ORS 317.063. - }
  SECTION 6.  { + Sections 2 and 4 of this 2011 Act and the
amendments to ORS 318.020 by section 5 of this 2011 Act apply to
tax years beginning on or after January 1, 2012, and before
January 1, 2013. + }

  SECTION 7.  { + ORS 316.045 and 317.063 do not apply to tax
years beginning on or after January 1, 2012, and before January
1, 2013. + }
  SECTION 8.  { + This 2011 Act takes effect on the 91st day
after the date on which the 2011 session of the Seventy-sixth
Legislative Assembly adjourns sine die. + }
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