Relating to taxation; prescribing an effective date; and providing for revenue raising that requires approval by a three-fifths majority.
Catchline/Summary:
Increases corporate excise tax rate on taxable income between $1 million and $10 million. Increases corporate excise tax rate on taxable income between $1 million and $10 million. Eliminates personal exemption credit for taxpayer with federal adjusted gross income of $100,000 or more for single return, or $200,000 or more for joint return. Modifies income tax treatment of senior medical expenses. Converts itemized deduction to subtraction from federal taxable income. Phases out amount of subtraction based on income. Increases age restriction over time. Applies to tax years beginning on or after January 1, 2013. Increases percentage of federal earned income credit allowable as credit against Oregon personal income tax. Applies to tax years beginning on or after January 1, 2014. Exempts existing interest charge domestic international sales corporations from corporate minimum tax. Imposes tax on commission received by domestic international sales corporation. Creates subtraction from federal taxable income for dividend received from domestic international sales corporation.and provides reduced corporate excise tax rate.] Applies to tax years beginning on or after January 1, 2013.
Allows for reduced rates of personal income tax imposed on nonpassive income attributable to partnership or S corporation if certain conditions are met. Applies to tax years beginning on or after January 1, 2015. Adjusts certain rates if revenue loss attributable to reduced rates departs from target percentage.
Incrementally increases tax on cigarettes over five years. Distributes tax revenues from increase on cigarette tax to Oregon Health Authority for mental health programs. First applies to distributions of cigarettes occurring on or after January 1, 2014.
Increases rate above which revenue from corporate excise tax for tax years beginning on or after January 1, 2013, and before January 1, 2017, is to be deposited in Oregon Rainy Day Fund.
Takes effect on 91st day following adjournment sine die.
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HB 3601
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