Oregon Legislature moves to tax repatriated funds
SALEM, Ore. (AP) — The Oregon Legislature has passed a measure in response to President Donald Trump’s tax overhaul, blocking a deduction in state taxes of money held overseas.
The measure would expand a clause in Oregon’s tax code to cover money held overseas, which the federal overhaul gives a tax-break to under a one-time scheme.
The Oregon measure prevents companies from taking both the federal and state deductions on their state taxes. Without the bill, companies taking both deductions would have driven state revenues down by $100 million over the next two years.
The bill now goes to Gov. Kate Brown for signing.
Lawmakers earlier similarly blocked a federal income-tax deduction from being used on state taxes.