Bill Text: OR SB448 | 2013 | Regular Session | Introduced
Bill Title: Relating to rates of taxation of certain business entities; prescribing an effective date.
Sponsorship: Partisan Bill (Republican 1)
Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB448 Detail]
Download: Oregon-2013-SB448-Introduced.html
77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session
NOTE: Matter within { + braces and plus signs + } in an
amended section is new. Matter within { - braces and minus
signs - } is existing law to be omitted. New sections are within
{ + braces and plus signs + } .
LC 1125
Senate Bill 448
Sponsored by Senator GEORGE (Presession filed.)
SUMMARY
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
Decreases personal income tax rates imposed on income that is
distributive share of partnership income, income of shareholder
of S corporation or trade or business income of sole proprietor.
Applies to tax years beginning on or after January 1, 2014.
Takes effect on 91st day following adjournment sine die.
A BILL FOR AN ACT
Relating to rates of taxation of certain business entities;
creating new provisions; amending ORS 316.037; and prescribing
an effective date.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 316.037 is amended to read:
316.037. (1)(a) { + Except as provided in subsection (4) of
this section, + } a tax is imposed for each taxable year on the
entire taxable income of every resident of this state. The amount
of the tax shall be determined in accordance with the following
table:
_________________________________________________________________
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
If taxable income The tax is:
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
Not over $2,000 5% of
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
taxable
income
Over $2,000 but not
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
over $5,000 $100 plus 7%
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
of the excess
over $2,000
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
Over $5,000 but not
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
over $125,000 $310 plus 9%
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
of the excess
over $5,000
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
Over $125,000 $11,110 plus 9.9%
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
of the excess
over $125,000
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
_________________________________________________________________
(b) For tax years beginning in each calendar year, the
Department of Revenue shall adopt a table that shall apply in
lieu of the table contained in paragraph (a) of this subsection,
as follows:
(A) Except as provided in subparagraph (D) of this paragraph,
the minimum and maximum dollar amounts for each bracket for which
a tax is imposed shall be increased by the cost-of-living
adjustment for the calendar year.
(B) The rate applicable to any rate bracket as adjusted under
subparagraph (A) of this paragraph shall not be changed.
(C) The amounts setting forth the tax, to the extent necessary
to reflect the adjustments in the rate brackets, shall be
adjusted.
(D) The rate brackets applicable to taxable income in excess of
$125,000 may not be adjusted.
(c) For purposes of paragraph (b) of this subsection, the
cost-of-living adjustment for any calendar year is the percentage
(if any) by which the monthly averaged U.S. City Average Consumer
Price Index for the 12 consecutive months ending August 31 of the
prior calendar year exceeds the monthly averaged index for the
second quarter of the calendar year 1992.
(d) As used in this subsection, 'U.S. City Average Consumer
Price Index' means the U.S. City Average Consumer Price Index for
All Urban Consumers (All Items) as published by the Bureau of
Labor Statistics of the United States Department of Labor.
(e) If any increase determined under paragraph (b) of this
subsection is not a multiple of $50, the increase shall be
rounded to the next lower multiple of $50.
(2) { + Except as provided in subsection (4) of this
section, + } a tax is imposed for each taxable year upon the
entire taxable income of every part-year resident of this state.
The amount of the tax shall be computed under subsection (1) of
this section as if the part-year resident were a full-year
resident and shall be multiplied by the ratio provided under ORS
316.117 to determine the tax on income derived from sources
within this state.
(3) { + Except as provided in subsection (4) of this
section, + } a tax is imposed for each taxable year on the
taxable income of every full-year nonresident that is derived
from sources within this state. The amount of the tax shall be
determined in accordance with the table set forth in subsection
(1) of this section.
{ + (4)(a) Tax imposed under this chapter on a distributive
share of partnership income, on income of a shareholder of an S
corporation or on trade or business income of a sole proprietor
shall be computed separately from all other taxable income.
(b) Tax imposed under this chapter shall be imposed and
computed on the total amount of the taxpayer's income described
in paragraph (a) of this subsection by applying the rates
provided in ORS 317.061. + }
SECTION 2. { + The amendments to ORS 316.037 by section 1 of
this 2013 Act apply to tax years beginning on or after January 1,
2014. + }
SECTION 3. { + This 2013 Act takes effect on the 91st day
after the date on which the 2013 regular session of the
Seventy-seventh Legislative Assembly adjourns sine die. + }
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