Oregon Senate Bill 851, which was signed into law on July 15, 2019, revises the state’s treatment of global intangible low-taxed income (GILTI). Specifically, effective for tax years beginning on or after January 1, 2018, the amount of GILTI included in gross income will be treated as a dividend eligible for an 80 percent dividends-received deduction. In addition, a new add back applies to amounts deducted as GILTI under IRC section 250. As such, taxpayers will be entitled to an 80 percent dividends-received deduction for the gross amount of GILTI included in income. Senate Bill 851 also provides that the amount “of any dividend or of any global intangible low-taxed income that is apportionable shall be determined as provided by the apportionment formula applicable to the taxpayer….” Please stay tuned to TWIST for more tax reform-related developments.