2013 Regular SessionHB 2456 B
|At the request of:||(at the request of House Interim Committee on Revenue)|
|Regular Sponsors:||(Presession Filed)|
|Bill Title:||Relating to taxation; prescribing an effective date; providing for revenue raising that requires approval by a three-fifths majority.|
|Catchline/Summary:||Declares legislative intent regarding distribution of increased revenues resulting from certain changes in tax law contained in Act.
<i>Requires corporations that file Oregon tax return and include unitary corporation that is incorporated in certain jurisdictions to include income from those jurisdictions in Oregon tax return. Directs Department of Revenue to submit report to Legislative Assembly on or before January 1 of each odd-numbered year on recommended changes to list of such countries. Requires that department estimate resulting revenue received due to inclusion of income and provides that resulting revenue be transferred to Mental Health Services Fund.</i>] <i>Applies to tax years beginning on or after January 1, 2014.</i>] <b> <b>Modifies income tax treatment of elderly medical expenses. Converts itemized deduction to subtraction from federal taxable income. Phases out amount of subtraction based on income. Increases age restriction over time. <b>For purposes of personal income taxation, corrects amount of federal income tax subtraction allowed for taxpayers who are husband and wife filing separate tax returns. Phases out availability of 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. Eliminates personal exemption credit for taxpayer with federal adjusted gross income of $125,000 or more for single return, or $250,000 or more for joint return. Increases corporate excise tax rate on taxable income above $2.5 million. <b>Applies to tax years beginning on or after January 1, 2013. <b>Increases percentage of federal earned income credit allowable as credit against Oregon personal income tax. Applies increase to tax years beginning on or after January 1, 2013, and before January 1, 2014. <b>Increases tax on cigarettes. Distributes tax revenues from increase on cigarette tax to Oregon Health Authority for mental health programs. Increases tax on other tobacco products. Applies to distributions of cigarettes and other tobacco products occurring on or after January 1, 2014. <b>Increases rate above which revenue from corporate excise tax for tax years beginning on or after January 1, 2013, is to be deposited in Oregon Rainy Day Fund.</b> Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||Has Minimal Fiscal Impact|
|Revenue Impact:||Revenue Impact Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|