2019 Regular Session
|At the request of:||(at the request of Senate Interim Committee on Finance and Revenue)|
|Bill Title:||Relating to taxation; prescribing an effective date.|
Provides that if corporate activity tax imposed by section 63, chapter 122, Oregon Laws 2019 (Enrolled House Bill 3427), does not become law by March 1, 2020, certain other provisions of chapter 122, Oregon Laws 2019 (Enrolled House Bill 3427), including establishment of Fund for Student Success and related accounts, provisions for allowed uses of fund and accounts, direction to Department of Education and decrease in personal income tax rates do not take effect.
Disallows, for personal income or corporate excise tax purposes, deduction for losses from wagering transactions. Requires addition, in determination of Oregon taxable income, of amount of losses from wagering transactions if deducted on taxpayer's federal return. Applies to tax years beginning on or after January 1, 2019.] Allows deduction for qualified tuition and related expenses, on personal income tax return, as percentage of amount allowed as deduction on federal return under law applicable to 2017 tax year. Applies to tax years beginning on or after January 1, 2019, and before January 1, 2025.] Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||No Fiscal Impact|
|Revenue Impact:||No Revenue Impact|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||Senate Desk - PM Possible Consideration of House Amendments|
|Potential Conflicts of Interest/Vote Explanations:||Potential Conflicts of Interest/Vote Explanation Documents|