2013 Regular Session
|At the request of:|
|Bill Title:||Relating to taxation; appropriating money; prescribing an effective date.|
Enacts uniform sales and use tax administration provisions.
Directs Department of Revenue to enter into Streamlined Sales and Use Tax Agreement with other states. Imposes sales tax on sales of tangible personal property or services. Imposes use tax on use of tangible personal property purchased out-of-state. Provides exemptions from sales and use tax. Provides civil and criminal penalties for noncompliance. Provides that sales and use tax provisions become operative on January 1, 2016, and apply to transactions occurring on or after January 1, 2016, but do not become operative if Streamlined Sales and Use Tax Agreement is not executed prior to January 1, 2016. Reduces rates of personal income taxation. Creates subtraction from taxable income for portion of net long-term capital gain attributable to sale of property used in a revenue-producing enterprise. Applies to tax years beginning on or after January 1, 2016. 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, 2015. Extends sunset for credit against Oregon personal income tax based on federal earned income credit. Creates income tax credit for business investment. Provides for certification of taxpayers as eligible for tax credit by Director of Oregon Business Development Department. Limits amount of potential tax credits for all taxpayers certified as eligible to $50 million per tax year. Applies to investments made in tax years beginning on or after January 1, 2016. Creates refundable income tax credit that is computed based upon household income and household size. Applies to tax years beginning on or after January 1, 2016. Exempts from ad valorem property taxation first $50,000 of assessed value of property that is taxpayer's owner occupied principal dwelling. Applies to property tax years beginning on or after July 1, 2016. Takes effect only if constitutional amendment proposed by Senate Joint Resolution 36 (2013) is approved by people at next regular general election. Takes effect on effective date of constitutional amendment proposed by Senate Joint Resolution 36 (2013).
|Fiscal Impact:||May Have Fiscal Impact, But No Statement Yet Issued|
|Revenue Impact:||May Have Revenue Impact, But No Statement Yet Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||In Senate Committee|
|Current Committee:||Senate Committee On Finance and Revenue|
|Potential Conflicts of Interest/Vote Explanations:||Potential Conflicts of Interest/Vote Explanation Documents|