Democratic tax plan could trigger a showdown in the Oregon Legislature
The Oregon Senate could vote as soon as Tuesday on new state tax rules in response to the federal tax overhaul.
Because the plan would reconfigure a controversial state business tax break, it could turn into the first major showdown between Democrats and Republicans in the short 35-day session.
Altogether, the changes could bring in $220 million for the current budget, according to economists for the Legislature. Under the plan, some of that money would be socked away in the state rainy day fund rather than spent.
The proposed tax changes, contained in two bills, would ensure Oregon taxes multinational corporations’ offshore cash, help higher net worth taxpayers get around a new federal cap on the deduction for state taxes and prevent certain businesses from getting a double tax break in Oregon as a result of the federal changes.
Read more: http://www.oregonlive.com/politics/index.ssf/2018/02/democratic_tax_plan_could_trig.html
