2013 Regular Session
|At the request of:|
|Bill Title:||Relating to tax expenditures; and prescribing an effective date.|
|Catchline/Summary:||Establishes connection to federal law for purposes of earned income tax credit.
Increases percentage of federal earned income tax credit allowable as credit against Oregon personal income tax. Applies to tax years beginning on or after January 1, 2013, and before January 1, 2020.] Phases out, based on income, amount of itemized deduction allowed for elderly medical expenses. 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. Extends sunsets for certain income and corporate excise tax credits. Extends sunset for tax subtraction for manufactured dwelling park closures. Provides that corporate excise tax credit allowed for qualified research activities may not be claimed for amount allowable as deduction. Restricts availability of tax credit for political contributions based on income. Places additional restrictions on eligibility for tax credit for practice of rural medicine. Increases amount of tax credit allowed for provision of volunteer emergency medical services in rural area.] Applies to tax years beginning on or after January 1, 2014. Modifies terminology in statutes addressing farmworker housing. Applies to tax years beginning on or after January 1, 2013. Modifies, for fiscal years beginning on or after July 1, 2013, provisions related to Oregon Production Investment Fund and making of reimbursements to local filmmakers. Increases amount of maximum total tax credits for certified film production development contributions for fiscal year. Allows entire tax credit for transportation project to be claimed in first allowable tax year. Disallows biomass tax credit for canola grown in Willamette Valley. Applies to tax years beginning on or after January 1, 2014. Requires that revenue impact statement prepared on measure that would create tax expenditure include revenue impact for at least three consecutive biennia, beginning with current biennium. Requires that revenue impact statement prepared on measure that would create or extend tax expenditure include description of public policy purpose of tax expenditure. Requires future tax expenditures to sunset within six tax years of initial tax year in which tax expenditure is applicable. Sunsets credit allowed for insurers providing workers' compensation coverage. Establishes income tax credit for manufacturing facility if taxpayer makes capital investment. Provides for certification by Oregon Business Development Department. Authorizes department to certify business firms on or after October 1, 2013, and on or before December 31, 2017. Limits amount of credits allowed per biennium. Applies to tax years beginning on or after January 1, 2014, and before January 1, 2018.] 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|