Income tax, state; rates and deductions for businesses. (SB1423)

Introduced By

Sen. David Suetterlein (R-Salem)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Income tax; rates and deductions for businesses. Provides an individual income tax deduction for 50 percent of the amount of qualified business income deductible for federal income tax purposes, but excluding the amount of qualified REIT dividends deductible under the same provision of the Internal Revenue Code. The bill also reduces the corporate income tax rate from six percent to five percent for taxable years beginning on or after January 1, 2023. Read the Bill »

Status

01/25/2023: Incorporated into Another Bill

History

DateAction
01/11/2023Prefiled and ordered printed; offered 01/11/23 23102705D
01/11/2023Referred to Committee on Finance and Appropriations
01/21/2023Impact statement from TAX (SB1423)
01/25/2023Incorporated by Finance and Appropriations (14-Y 0-N)
01/25/2023Incorporated by Finance and Appropriations (SB1355-Newman) (14-Y 0-N) (see vote tally)