Oregon Governor Signs Law Requiring Addition to Federal Taxable Income Amounts Deducted as GILTI

The Oregon Governor July 15 signed a law relating to the tax treatment of foreign earnings, for corporate income and individual income tax purposes. The law includes measures: 1) requiring taxpayers to add back amounts deducted for deemed repatriation as part of the one-time transition tax, for personal income tax purposes; 2) requiring taxpayers to add back to federal taxable income amounts deducted as global intangible low-tax income (GLITI), when calculating state taxable income; 3) preventing the Department of Revenue from imposing penalties and interest, if the underpayment or underreporting is due to the repatriation add back; 4) providing corporations ...