In 2013, the Legislature unanimously adopted HB 2460, which identified an extensive list of tax haven countries and required Oregon corporate tax filers to add income from any subsidiaries in those countries to their Oregon taxable income. The measure was based on a successful 2003 Montana law, and a May 2017 report from the Legislative Revenue Office estimated that it kept more than $20M in Oregon during the 2014 tax year, rather than being parked in offshore tax havens such as the Cayman Islands.[i]
Unfortunately SB 1529A, scheduled for a work session in the House Revenue Committee, repeals this landmark law. Presumably, the reasoning behind this repeal is that federal tax reform will prevent further tax havens abuse. We think is analysis is premature and likely incorrect.
