2018 Regular Session
|At the request of:||(at the request of Senate Interim Committee on Finance and Revenue)|
|Regular Sponsors:||Printed pursuant to Senate Interim Rule 213.28 by order of the President of the Senate in conformance with presession filing rules, indicating neither advocacy nor opposition on the part of the President.|
|Bill Title:||Relating to taxation; prescribing an effective date.|
Creates tax credit for contributions to Opportunity Grant Fund.
Limits expenses for which dependent care income tax credit may be claimed to lesser of each spouse's income on joint return and to earned income taxable by Oregon.] Applies to tax years beginning on or after January 1, 2019.] Allows, in years in which tax credits have been certified for contributions to Oregon Production Investment Fund, Legislative Assembly to appropriate to fund balance of amount allowed for certification but not certified.] Applies to fiscal years beginning on or after January 1, 2019.] Adjusts sunset date for property tax exemption for low income rental housing.] Directs Department of Revenue, in cooperation with Higher Education Coordinating Commission, to conduct auction of tax credits. Establishes Opportunity Grant Fund. Directs commission to use moneys in fund for Oregon Opportunity Grant program. Limits amount of credits per fiscal year. Applies to tax years beginning on or after January 1, 2018, and before January 1, 2024. Requires, for Oregon income tax purposes, addition to federal taxable income of amount of federal deduction for qualified business income from pass-through entity. Applies to tax years beginning on or after January 1, 2018. Expands availability of elective reduced tax rate for certain pass-through income to taxpayer doing business as sole proprietor. Disallows qualification for elective reduced rate using hours performed by employees performing in certain industry sectors. Limits amount of income for which reduced rate may be elected. Applies to tax years beginning on or after January 1, 2018. Increases amount of personal exemption tax credit. Applies to tax years beginning on or after January 1, 2018, and before January 1, 2026. Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||Fiscal Impact Issued|
|Revenue Impact:||Revenue Impact Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||In Senate Committee Awaiting transfer to Desk|
|Current Committee:||Senate Committee On Finance and Revenue|