Taxpayer Association: Income and business tax hike alert!

Taxpayer Association Tax Alert:
These two bills are advancing!!!

HB 2649 -4 Personal Income Tax Revisions

1.) Income brackets change for taxable income in Oregon
“¢ Over $5,000 but not over $125,000 — $310 plus 9% of excess over $5,000
“¢ Over $125,000 but not over $250,000 –$11,110 plus 10.8% of excess over $125,000
“¢ Over $250,000 –$24,610 plus 11% of excess over $250,000
“¢ The income tax brackets indicated above can only be adjusted legislatively. Not intended to be adjusted for cost of living by average city Consumer Price Index on annual basis.

2.) Beginning on or after January 1, 2012 the income tax for income over $125,000 will be 9.9%

3.) There will also be some modifications to federal taxable income, under ORS 316.695, thereby subtracting or adding to the taxpayers federal taxable income.

HB 3405 -9 Corporate Excise Tax, Business Registry Filings, UCC Filings, and Notary Commission Applications

1.) Corporate minimum Tax for gross sales in Oregon:

“¢ Eleven minimum tax increments starting at sales less than $500,000 (minimum tax is $150), $500-$1, $1M to $2M, $2M to $3M, and so on, up to $100M or more whereas the minimum tax is $100,000.
“¢ S Corporations will all pay $150 minimum tax
“¢ Partnerships will pay $150 minimum tax

2.) The alternative tax adjusted in ORS 317.061 by this legislation will tax the first $10 Million of taxable income at six and six-tenths percent and seven and six-tenths of any amount in excess of $10 Million.

3.) Business Registry Filings will be paid to the Secretary of State at a rate of $100 per required documents for articles of incorporation and organization and applications for registration, certificates of LLP, trust documents, etc. The Secretary of State will also collect a $275 fee for applications for authority to transact business in Oregon and annual report filings.

4.) Uniform Commercial Code Filings fee will be increased from $10 to $15.

5.) Notary Commission Applications fee will be increased from $20 to $40.

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Posted by at 05:55 | Posted in Measure 37 | 2 Comments |Email This Post Email This Post |Print This Post Print This Post
  • Rupert in Springfield

    Here’s an old chestnut some might find a little funny.

    Remember the good old days, like six months ago, when a whole bunch of suckers thought that if they made under $250k they were going to get a break on their taxes?

    HahHahHahHah……… oh man that was so funny watching the saps who sucked that one up.

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