Bill Text: OR HB3069 | 2013 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to tax treatment of intangible expenses; and prescribing an effective date.

Spectrum: Bipartisan Bill

Status: (Passed) 2013-06-24 - Chapter 467, (2013 Laws): 90 days after Sine Die. [HB3069 Detail]

Download: Oregon-2013-HB3069-Amended.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

HA to HB 3069

LC 1696/HB 3069-4

                       HOUSE AMENDMENTS TO
                         HOUSE BILL 3069

                     By COMMITTEE ON REVENUE

                             May 31

  On page 1 of the printed bill, line 2, after '314.296; ' insert
'repealing ORS 314.296;'.
  On page 2, lines 27 and 28, delete the boldfaced material.
  On page 3, delete lines 1 through 4 and insert:
  ' (4) The adjustment required in subsection (2) of this section
and the credit allowed in subsection (3) of this section do not
apply to any portion of the intangible expense:
  ' (a) That the related member directly or indirectly paid,
accrued or incurred to a person that is not a related member, if
the transaction giving rise to the intangible expense was
undertaken for a valid business purpose; or
  ' (b) If the transaction giving rise to the intangible expense
was undertaken by the taxpayer for a valid business purpose and
the related member is a foreign corporation described in section
1563(b)(2)(C) of the Internal Revenue Code.
  ' (5) Nothing in this section prohibits the Department of
Revenue from applying the provisions of ORS 314.295 to any
transaction with related members located in a foreign country.'.
  In line 6, before the period insert ', and before January 1,
2013'.
  After line 6, insert:
  '  { +  SECTION 3. + }  { + ORS 314.296 is repealed. + }
  '  { +  SECTION 4. + }  { + The repeal of ORS 314.296 by
section 3 of this 2013 Act applies to tax years beginning on or
after January 1, 2013. + } ' .
  In line 7, delete '3' and insert '5'.
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