Oregon Corporate Tax Disclosures Initiative (2018)
| Oregon Corporate Tax Disclosures Initiative | |
|---|---|
 | |
| Election date November 6, 2018 | |
| Topic Business regulation | |
| Status Not on the ballot | |
| Type State statute | Origin Citizens |
The Oregon Corporate Tax Disclosures Initiative (#25) was not on the ballot in Oregon as an initiated state statute on November 6, 2018.
On July 5, 2018, it was reported that Oregon Governor Kate Brown reached a deal with the proponents of this initiative and that the proponents would not submit the signatures they had gathered.[1]
The measure would have required publicly-traded corporations to file statements with the secretary of state on their state tax filings and other information. Failing to file a statement would have resulted in a fine of up to 0.25 percent of the corporation's gross recipients in Oregon.[2]
Text of measure
Ballot title
The certified ballot title was as follows:[2]
| “ | Publicly traded corporations and affiliates/subsidiaries must disclose tax, ownership
information, which becomes publicly available Result of “Yes” Vote: “Yes” vote requires publicly traded corporations and affiliates/subsidiaries to disclose tax, ownership information to Secretary of State; disclosure becomes publicly available; authorizes penalties/audits. Result of “No” Vote: “No” vote maintains current law, which prohibits state agencies from disclosing confidential corporate tax information to the public. Summary: Current Oregon law prohibits state agencies from disclosing confidential tax information to the public. Measure requires publicly traded corporations and affiliates/subsidiaries to compile information from state tax return, including federal and Oregon taxable income; Oregon-apportioned income, expenses, and property; Oregon tax liability, sales, and wages; and tax credits, and file statement containing that information with Secretary of State. Statement must identify any entity owning more than half of voting stock and other “activity” (defined) not reported on state return. Statement becomes public record at beginning of third calendar year following applicable tax year. Statements for 2016/2017 due in 2019. Secretary may impose annual penalties of .25% of gross receipts, up to $1,000,000. Authorizes Department of Revenue to audit. Other provisions.[3] |
” |
Full text
The measure would amend Oregon Revised Statutes. The full text of the measure is available here.
Support
Our Oregon led the camapign in support of this measure.
Path to the ballot
Details about the initiative
- Steve Demarest and Stacy Chamberlain filed the proposal with the Oregon secretary of state on June 2, 2017.[4] Oregon requires that 1,000 signatures be submitted before a ballot title is drafted.
- Petitioners were required to collect 88,184 valid signatures to get their initiated state statute on the ballot. Signatures for initiatives needed to be submitted four months prior to the election on November 6, 2018, which was July 6, 2018.
- On January 8, 2018, the initiative was cleared for circulation.[4]
- As of July 2, 2018, proponents of the initiative reported gathering more than 100,000 signatures.[5]
Compromise deal
On July 5, 2018, Oregon Public Broadcasting reported that Oregon Governor Kate Brown reached a deal with the proponents of the Corporate Tax Disclosures Initiative, Initiative #25, which would have required publicly-traded corporations to file statements with the secretary of state on their state tax filings and other financial information. The measure was sponsored by top officials of two major public employee unions, the Oregon chapter of the American Federation of State, County, and Municipal Employees (AFSCME) and Local 503 of Service Employees International Union (SEIU).[6]
Under the deal, proponents agreed to not submit the signatures they had gathered for the initiative and would instead use their funds to defeat two other initiatives: (a) Measure 103, which would ban taxes on groceries, and (b) Measure 104, which would apply a three-fifths supermajority vote requirement to any legislation that increases revenue through changes in tax exemptions, credits, and deductions.[6]
Oregon Public Broadcasting reported, "Nike, the state’s largest home-grown business, appeared to play a major role in the negotiations. According to sources, the company had told the governor that the corporate transparency measure would put them at a disadvantage with rivals from other states and would hurt efforts for moderate elements of the business community to work with labor... On July 3, 2018, Nike donated $100,000 to a new political action committee called the Common Good Fund, controlled by senior Nike employee Julia Brim-Edwards."[6][7]
Later in July 2018, a complaint was filed with the Oregon Secretary of State's office alleging that "The unions agreed to withdraw an initiative … in exchange for Nike donating $100,000 to a PAC — the Common Good Fund — that will campaign against [Measures 103 and 104]".[7]
The Oregon Department of Justice reviewed the complaint and determined that a criminal investigation was not warranted in the matter.[8]
See also
External links
Footnotes
- ↑ Oregon Public Broadcasting, "Tax And Anti-Immigration Measures See Movement As Filing Deadline Nears," accessed July 6, 2018
- ↑ 2.0 2.1 Oregon Secretary of State, "Initiative Petition 25," accessed November 9, 2017
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ 4.0 4.1 Oregon Secretary of State, "Initiative 25 Overview," accessed June 5, 2017
- ↑ Oregon Public Broadcasting, "Oregon's Initiative Process Could Mean 2018 Votes On Taxes, Abortion, Immigration," accessed July 3, 2018
- ↑ 6.0 6.1 6.2 Oregon Public Broadcasting, "Tax And Anti-Immigration Measures See Movement As Filing Deadline Nears," accessed July 6, 2018
- ↑ 7.0 7.1 Oregon Public Broadcasting, "Complaint Alleges Gov. Kate Brown's Ballot Deal Was Illegal," accessed August 10, 2018
- ↑ Oregon Public Broadcasting, "Oregon DOJ Declines To Investigate Ballot Deal Cut By Gov. Kate Brown," accessed August 10, 2018
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