Taxpayer Association: The week is full of taxes

Taxpayer Association of Oregon Tax Alert 3/9
Jim Welsh,

Monday March 9
HB 2066 – Changes tax credit Changes percentage of federal earned income credit allowable as credit against Oregon personal income tax.

Tuesday March 10
HJR 20 – reauthorize all tax credits. Proposes amendment to Oregon Constitution to require Legislative Assembly to reauthorize tax credits for not more than six years at every regular session. Provides that tax credits that are not reauthorized not be taken into account in computing tax for succeeding tax reporting periods. Refers proposed amendment to people for their approval or rejection at next regular general election.

HB 2696 – Like-kind tax changes. Requires addition to taxable income for Oregon tax purposes of amounts attributable to like-kind exchanges and excluded from federal taxable income because of operation of certain federal law.

Wednesday March 11
HB 2741 – filing inheritance tax return. Establishes Next Generation Fund. Directs inheritance tax revenues to Next Generation Fund. Appropriates moneys to Oregon Student Assistance Commission to fund Oregon Opportunity Grant program and to Department of Education to fund Oregon prekindergarten program. Applies to estates of decedents dying on or after January 1, 2010, and to revenues received by Department of Revenue on or after January 1, 2010. Takes effect on 91st day following adjournment sine die.

Thursday March 12
HB 2771 – Subjects small vintners to wine taxation by eliminating exemption. Applies to wine tax reporting periods beginning on or after January 1, 2010. Takes effect on 91st day following adjournment sine die.