Tax Loophole for Out-of-State Banks May Close

As the Oregon Center for Public Policy noted recently, nine banks “plainly doing business in Oregon” were escaping Oregon’s corporate income tax. Probably not for long. Today, the Oregon Senate – with but one objector – agreed that was bad policy.

OCPP’s Chuck Sheketoff put it this way:

“Essentially, the loophole says: ‘Out-of-state banks, while you look like, walk like and talk like you are doing business in Oregon, thanks to your lobbyists you are technically not doing business, so you don’t have to pay Oregon’s corporate income tax on your profits.’ ”

Republican Senator Jeff Kruse was the lone “no” vote. PRP has emailed his office to ask for his rationale.

Meanwhile, HB 3477-B goes back to the House, where it is expected to pass by a wide margin.

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