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Mon Jan 21, 2019, 06:51 AM

Tax advocates push for Oregon to close offshore corporate loophole

Tax reform advocates are pushing Oregon lawmakers to close a loophole in state tax code that allows corporations that do business in Oregon to use offshore tax havens to avoid paying state corporate taxes.

Oregon loses out on $175 million in tax revenue annually from corporate tax avoidance, most of it through offshore tax havens like Bermuda and the Cayman Islands, according to a report released Thursday by the Oregon State Public Interest Research Group Foundation, a nonpartisan organization, and the Institute on Taxation and Economic Policy.

The issue has caught the attention of Oregon's business community and public education advocates who want the state to invest more in schools.

The report calls for states to enact a complete reporting requirement, which would force companies to disclose their global profits and how much business is done in each jurisdiction, enabling states to collect corporate taxes.

Read more: https://www.statesmanjournal.com/story/news/politics/2019/01/17/oregon-corporate-tax-loophole-offshore-companies-legislature/2605630002/

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