In Pursuit of Profit
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Oregon lawmakers are considering three corporate tax disclosure bills by the House Revenue Committee. The bills would allow Oregonians to learn how much companies pay in state taxes and how much they receive in tax breaks. The two sides are in conflict with Democrats saying the bills makes an attempt for more transparency, while Republicans question the benefits of additional disclosure..
The Recent 2017-2019 Tax Expenditure Report is available here >
The current laws make it illegal for the information to be shared:
"Except as otherwise specifically provided in rules adopted under ORS 305.193 (Disclosure of tax information to designated persons) or in other law, it shall be unlawful for the Department of Revenue or any officer or employee of the department to divulge or make known in any manner the amount of income, expense, deduction, exclusion or credit or any particulars set forth or disclosed in any report or return required in the administration of any local tax pursuant to ORS 305.620 (Collection and distribution of local taxes on income and sales) or required under a law imposing a tax upon or measured by net income. " Read more >
House Bill 2019 is one of the three bills being considered and it would require the Legislative Revenue Office to publish corporate information which is available in state tax returns.
You can follow House Bill 2019 by subscribing via email here > To get more perspective from a media source, you can read about it here.
New laws continue to challenge the way we keep records. As our culture requires more transparency, "the books" become more important than ever. While businesses hope for accuracy and clarity in regards to record keeping, we know it is difficult to maintain them with perfection while also serving customers with excellence -- which is why we are here for you.
If you find this news concerning and you need to 'upgrade' or tighten your record keeping or controls, please reach out to us. For your convenience, we can come directly to your business.
Oregon (503) 473-0122 - Washington (425) 492-1901 - Toll Free (800) 931-6557 >
If you have thoughts about these bills or suggestions about how to maintain success regardless of the decision, please share in a comment below.