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  • Draft Tax Reform Plan

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    Matthew Kish
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    On Tuesday, Oregon lawmakers started discussing LC 3549. The bill would eliminate Oregon's corporate income tax, starting in the 2018 tax year, and replace it with a business tax on sales, or gross receipts. Here's a handout provided to lawmakers with the main provisions.

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    On Tuesday, Oregon lawmakers started discussing LC 3549. The bill would eliminate Oregon's corporate income tax, starting in the 2018 tax year, and replace it with a business tax on sales, or gross receipts. Here's a handout provided to lawmakers with the main provisions.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    2K views1 page

    Draft Tax Reform Plan

    Uploaded by

    Matthew Kish
    On Tuesday, Oregon lawmakers started discussing LC 3549. The bill would eliminate Oregon's corporate income tax, starting in the 2018 tax year, and replace it with a business tax on sales, or gross receipts. Here's a handout provided to lawmakers with the main provisions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    DRAFT TAX REFORM PLAN

    1. COMMERCIAL ACTIVITY TAX(1-1-18)


    APPLIES TO ALL ENTITY TYPES
    OHIO BASE INCLUDING FIT
    FILING THRESHOLD $150,000 IN SALES
    FLAT $250 FOR BUSINESSES WITH SALES LESS THAN $3 MILLION
    .85% RATE FOR SERVICES
    .35% RATE FOR RETAIL TRADE
    .25% RATE FOR WHOLESALE/WAREHOUSING
    .48% RATE FOR ALL OTHER
    25% CAT CREDIT FOR PASS THROUGHS
    2. NEW PERSONAL INCOME TAX RATE STRUCTURE: (2018 TAX YEAR)
    4.5%, 6.5%, 8.75%, 9.9%
    CURRENT BRACKETS STILL APPLY
    REPEAL PASS THROUGH SPECIAL RATE (2017 TAX YEAR)
    3. ELIMINATE CORPORATE INCOME TAX(2018 CORPORATE TAX YEAR)

    REVENUE IMPACT ESTIMATES


    (MILLIONS) 2017-19 2019-21 2021-23
    COMMERCIAL ACTIVITY TAX $ 1,789 $ 2,690 $ 2,955
    25% CAT CREDIT FOR PASS THROUGHS $ (112) $ (168) $ (185)
    PERSONAL INCOME TAX RATE REDUCTIONS $ (345) $ (527) $ (575)
    REPEAL PASS THROUGH SPECIAL RATE $ 282 $ 277 $ 332
    CORPORATE INCOME TAX $ (660) $ (1,054) $ (1,107)
    NET REVENUE IMPACT $ 954 $ 1,218 $ 1,420
    LRO: 5-22-17F

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