The Corporate Transparency Act
The Corporate Transparency Act (“CTA”) became effective January 1, 2024.
The CTA establishes a reporting requirement for specific entity types formed or registered to do business in the United States.
The beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury.
Visit https://fincen.gov/boi to submit reports or learn more.
Contact FinCEN if you have questions.
Phone number: 1-800-767-2825
2024 Short Legislative Session
The Legislative Assembly—the formal name of Oregon’s state legislature—will convene next month on Monday, February 5, 2024. In even-numbered years, the legislature meets for a "short session" that lasts up to 35 days.
A hallmark of Oregon’s legislative process is its strong committee system. When compared to other state legislatures, the Oregon legislature stands apart because measures passed by a committee cannot be amended on the floor of either chamber. Rather, the whole House or the whole Senate will vote on a measure as received from the committee that passed it. For this reason, it’s important for Oregonians to share their thoughts with lawmakers while legislation is in the committee stage.
The legislature’s website features a “Public Engagement and Testimony” page that assists Oregonians who want to learn more about the legislature’s work: https://www.oregonlegislature.gov/lpro/Pages/public-testimony.aspx. The page includes tools to help you find lawmakers, committees, and proposed legislation. It also has information on how to testify before a committee or submit written testimony for the official legislative record.
Oregon Disparity Study
In late 2022, Oregon’s Department of Administrative Services (DAS) commissioned a study to examine whether businesses owned by persons of color, women, and service-disabled veterans experience barriers when attempting to contract with state agencies. Conducted by a company called Business Research & Consulting (BBC) and completed in late 2023, the study has resulted in a final report that is now available to review on the DAS website. The report discusses the study’s findings and methodology, as well as providing recommendations for policies and programs that could encourage participation by businesses owned by persons of color, women, and service-disabled veterans. You can learn more about the study or read the final report on the DAS website at https://www.oregon.gov/das/Pages/disparity-study.aspx.
New Procurement Award Thresholds
A new law went into effect on January 1, 2024, that increases the dollar thresholds for Oregon’s small and intermediate procurements. A small procurement is when an agency buys products or services valued at $25,000 or less. Small procurements don’t require an agency to use a competitive award process. Rather, an agency may award a contract for a small procurement using any practical or convenient process.
An intermediate procurement is a competitive solicitation for products or services with a contract value exceeding $25,000, but not more than $250,000. For this type of procurement, an agency must seek at least three informal competitive price quotes or competitive proposals from prospective contractors. The agency must post a notice of its competitive solicitation through OregonBuys, Oregon’s online procurement system.
Federal, state, or local government agencies buy all kinds of goods and services. Does your business want to start selling goods or services to government agencies? Are you not sure where to begin? Consider reaching out to the Government Contracting Assistance Program (GCAP). GCAP is a nonprofit organization that connects Oregon businesses to government contracting opportunities. You can find more information on the GCAP website: https://www.gcap.org/contact-us.
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