Discussions around a new $2 billion corporate activities tax dominated the Capitol. HB 3427 was introduced as the vehicle for a tax package to generate NEW revenue to fund proposed K-12 education programming. The bill sits in the new Joint Student Success Committee, which was created in 2018 for the purpose setting education funding priorities and finding the tax revenue to fund them.
- If you have over $1 million in taxable Oregon receipts you will be subject to a minimum $250 tax plus .49% on receipts above $1M
- No tax is due if the business receipts are less than $1 million
- Out of state wholesale sales are exempt
- Ability to subtract 25% of either business inputs or labor costs in the calculation of a company’s business receipts
- A slight reduction of personal income tax rates
- A complete summary