House Bill 2456

<i>Requires corporations that file Oregon tax return and include unitary corporation that is incorporated in certain jurisdictions to include income from those jurisdictions in Oregon tax return. Directs Department of Revenue to submit report to Legislative Assembly on or before January 1 of each odd-numbered year on recommended changes to list of such countries. Requires that department estimate resulting revenue received due to inclusion of income and provides that resulting revenue be transferred to Mental Health Services Fund.</i>] <i>Applies to tax years beginning on or after January 1, 2014.</i>] <b>Declares legislative intent regarding distribution of increased revenues resulting from certain changes in tax law contained in Act. <b>Modifies income tax treatment of elderly medical expenses. Converts itemized deduction to subtraction from federal taxable income. Phases out amount of subtraction based on income. Increases age restriction over time. <b>For purposes of personal income taxation, corrects amount of federal income tax subtraction allowed for taxpayers who are husband and wife filing separate tax returns. Phases out availability of personal exemption credit for taxpayer with federal adjusted gross income of $100,000 or more for single return, or $200,000 or more for joint return. Eliminates personal exemption credit for taxpayer with federal adjusted gross income of $125,000 or more for single return, or $250,000 or more for joint return. Increases corporate excise tax rate on taxable income above $2.5 million. <b>Applies to tax years beginning on or after January 1, 2013. <b>Increases percentage of federal earned income credit allowable as credit against Oregon personal income tax. Applies increase to tax years beginning on or after January 1, 2013, and before January 1, 2014. <b>Increases tax on cigarettes. Distributes tax revenues from increase on cigarette tax to Oregon Health Authority for mental health programs. Increases tax on other tobacco products. Applies to distributions of cigarettes and other tobacco products occurring on or after January 1, 2014. <b>Increases rate above which revenue from corporate excise tax for tax years beginning on or after January 1, 2013, is to be deposited in Oregon Rainy Day Fund.</b> Takes effect on 91st day following adjournment sine die.

• House of Representatives, third reading60–0

  Apr 24

• House of Representatives, third reading60–0

  Passed · Apr 24

• Senate, third reading15–15

  Failed · Jul 2

• Senate, third reading28–2

  Jul 3

• House of Representatives committee amendmentAdopted

  Adopted Apr 22

• Senate committee amendmentAdopted

  Adopted Jun 29

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 14 – Apr 24

1. Jan 14Introduced
2. Jan 22Sent to Revenue
3. Feb 20Heard in Revenue
4. Apr 9Heard in Revenue
5. Apr 10Heard in Revenue
6. Apr 11Heard in Revenue
7. Apr 12Heard in Revenue
8. Apr 15Heard in Revenue
9. Apr 16Heard in Revenue
10. Apr 17Heard in Revenue
11. Apr 22Revenue recommended it as amended
12. Apr 23Read a second time
13. Apr 24Passed the House of Representatives, 60 to 0

In the Senate Apr 25 – Jul 8

1. Apr 25Arrived in the Senate
2. Apr 29Sent to Finance and Revenue
3. Jun 20Heard in Finance and Revenue
4. Jun 27Heard in Finance and Revenue
5. Jun 28Heard in Finance and Revenue
6. Jun 29Finance and Revenue recommended it as amended
7. Jul 1Read a second time
8. Jul 2Failed in the Senate, 15 to 15
9. Jul 3Sent to Finance and Revenue
10. Jul 8Died when the session ended