71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
SA to SB 67
 
LC 527/SB 67-3
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 67
 
                     By COMMITTEE ON REVENUE
 
                             June 12
 
  On page 2 of the printed bill, line 13, after 'at' delete the
rest of the line and insert 'the lesser of the rate applicable
under subsection (1) of this section or six percent.'.
  After line 21, insert:
  '  { +  SECTION 1a. + }  { + For the tax year of the taxpayer
beginning on or after January 1, 2003, and before January 1,
2004, notwithstanding ORS 316.037, the net capital gain subject
to tax under ORS 316.037 (2) may not exceed the amount of capital
gain realized on or after July 1, 2003, offset by the amount of
capital losses realized on or after July 1, 2003. Net capital
gain not subject to tax under ORS 316.037 (2) shall be subject to
tax under ORS 316.037 (1). + } ' .
  On page 3, line 2, delete 'four' and insert 'six'.
  After line 2, insert:
  '  { +  SECTION 3a. + }  { + For the tax year of the taxpayer
beginning on or after January 1, 2003, and before January 1,
2004, notwithstanding ORS 317.061, the net capital gain subject
to tax under ORS 317.061 (2) may not exceed the amount of capital
gain realized on or after July 1, 2003, offset by the amount of
capital losses realized on or after July 1, 2003. Net capital
gain not subject to tax under ORS 317.061 (2) shall be subject to
tax under ORS 317.061 (1). + } ' .
  In line 3, delete '1 to 3' and insert '1, 2 and 3'.
  In line 4, delete '2002' and insert '2003'.
  After line 4, insert:
  '  { +  SECTION 5. + } ORS 316.037, as amended by section 1 of
this 2001 Act, is amended to read:
  ' 316.037. (1)(a) 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_GOPHER_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
 
If taxable income The tax is:
 
 
____NOTE_TO_GOPHER_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
 
Not over $2,000.. 5% of
 
____NOTE_TO_GOPHER_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_GOPHER_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
 
  over $5,000.... $100 plus 7%
 
____NOTE_TO_GOPHER_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
 
                   of the excess
                   over $2,000
 
____NOTE_TO_GOPHER_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
 
 
Over $5,000...... $310 plus 9%
 
____NOTE_TO_GOPHER_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
 
                   of the excess
                   over $5,000
' _______________________________________________________________
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
  ' (b) For tax years beginning in each calendar year, the
Department of Revenue shall adopt a table which shall apply in
lieu of the table contained in paragraph (a) of this subsection,
as follows:
  ' (A) The minimum and maximum dollar amounts for each rate
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.
  ' (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 average U.S. City Average Consumer Price
Index for the second quarter of the calendar year exceeds the
average 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 lowest multiple of $50.
 
  ' (2) Notwithstanding subsection (1) of this section, any gain
that is treated as net capital gain for federal tax purposes and
that is included in taxable income in this state shall be taxed
at   { - the lesser of the rate applicable under subsection (1)
of this section or six - }  { +  four + } percent.
  ' (3) 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 subsections (1) and (2)
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.
  ' (4) 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 subsections (1) and (2) of this
section.
  '  { +  SECTION 6. + } ORS 317.061, as amended by section 3 of
this 2001 Act, is amended to read:
  ' 317.061. (1) The rate of the tax imposed by and computed
under this chapter is six and six-tenths percent.
  ' (2) Notwithstanding subsection (1) of this section, any gain
that is treated as net capital gain for federal tax purposes and
that is included in taxable income in this state shall be taxed
at a rate of   { - six - }  { +  four + } percent.
  '  { +  SECTION 7. + }  { + The amendments to ORS 316.037 and
317.061 by sections 5 and 6 of this 2001 Act apply to tax years
beginning on or after January 1, 2005. + } ' .
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