Legislators in Oregon recently introduced House Bill 3161. On its face, House Bill 3161seems harmless. However, if enacted, the ramifications of this bill could be significant. House Bill 3161 would require most corporations doing business in Oregon to file a tax disclosure statement with the Oregon Secretary of State. Such tax disclosure statements would be considered public records. In addition, the bill directs the Oregon Secretary of State to make the tax disclosure statements available online in a searchable database. The monetary penalty for noncompliance is presently undetermined and under consideration. However, a noncompliant corporation would have its name listed as a noncompliant corporation.
Under the proposed legislation, the information that would be required to be disclosed includes:
- The name of the corporation
- The state excise or income tax liability
- The name of any corporation that owns more than 50 percent of the corporation
- Total receipts of the corporation or consolidated group
- Sales apportionment factors of the corporation or consolidated group
- Total business income apportioned to the state