75th OREGON LEGISLATIVE ASSEMBLY--2009 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 2462
 
                         House Bill 2649
 
Sponsored by COMMITTEE ON REVENUE
 
 
                             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.
 
  Establishes 7.5 percent Oregon alternative minimum tax for
taxpayers with federal adjusted gross income exceeding $125,000.
  Applies to tax years beginning on or after January 1, 2010.
  Takes effect on 91st day following adjournment sine die.
 
                        A BILL FOR AN ACT
Relating to taxation; and prescribing an effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2009 Act is added to and made
a part of ORS chapter 316. + }
  SECTION 2.  { + For the purpose of determining the tax due
under this chapter, a taxpayer whose federal adjusted gross
income exceeds $125,000, or, if married filing jointly, exceeds
$250,000, shall pay the greater of:
  (1) The tax that is otherwise due under this chapter; or
  (2) Seven and one-half percent of the taxpayer's Oregon
adjusted gross income. + }
  SECTION 3.  { + Section 2 of this 2009 Act applies to tax years
beginning on or after January 1, 2010. + }
  SECTION 4.  { + This 2009 Act takes effect on the 91st day
after the date on which the regular session of the Seventy-fifth
Legislative Assembly adjourns sine die. + }
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