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|Archives - November 2009|
|Wednesday, October 21, 2009|
Oregonians will vote in January on two measures already passed by the Legislature that would increase taxes and raise $733 million over two years. A survey of other states’ taxes shows that while Oregon’s corporate income tax hike is far from radical, other changes make Oregon’s taxes look more extreme.
Corporate income tax: The measures keep the current rate — 6.6% of net income — for the first $250,000, but income over $250,000 will be taxed at 7.9% for the 2009 and 2010 tax years. That marginal rate drops to 7.6% for 2011 and 2012. Starting in 2013, income under $10 million will be taxed at 6.6% and income over $10 million will be taxed at 7.6%.
How’s it stack up? Oregon’s new tax rate is the 20th worst in the nation, according to the Tax Foundation, a nonpartisan nonprofit that collects data on tax policy. New Hampshire has the highest corporate income tax, at 8.5% on sales over $50,000. Fives states including Washington have no “corporate income tax,” but Washington has a tax on gross receipts called the “business and occupation tax” that ranges from .003% to .033%.
Individual income tax: One of the measures added a new bracket for income over $125,000 for individuals and $250,000 for households, to be taxed at 10.8%. Individual income over $250,000 and household income over $500,000 will be taxed at 11%. The 10.8% rate will drop to 9.9% in 2012.
How’s it stack up? The Tax Foundation ranked Oregon’s new personal income tax sixth worst in the nation. New York was worst with seven brackets maxing out at 8.97% on all income over $500,000. Alaska and Washington are two of the seven states with no personal income tax.
Corporate minimum tax: All businesses in Oregon were required to pay the state $10 in years when taxable income was zero or offset by tax credits. If the legislation survives, Oregon will go to a graduated minimum tax for C-corporations with 12 different rates, starting with $150 a year for companies with sales of less than $500,000 and maxing out at $100,000 a year for companies with sales of $100 million or more. The minimum tax for S-corporations and partnerships will be $150.
How’s it stack up? Sixteen states have a flat minimum corporate tax ranging from $10 in Louisiana to $800 in California; New York has a graduated tax that maxes out at $5,000, making Oregon’s new corporate minimum tax the most severe in the nation for companies with revenue in the millions.
Federal deductibility: Oregon’s federal tax deduction is capped at $5,850 for individuals making under $125,000 and households making under $250,000. Now the deduction is capped at graduated levels for individuals in the $125,000 to $145,000 range and households in the $250,000 to $290,000 range. Individuals making $145,000 or more and households making $290,000 or more cannot deduct for federal income tax.
How’s it stack up? Oregon is one of only six states that offer any deduction for federal income tax; only four do not cap the deduction.
Wednesday, August 06, 2014
BY LINDA BAKER | OB EDITOR
Portland startup Green Endeavor strikes gold, inking a partnership with Underwriters Laboratories, an Illinois-based consulting and certification company with offices in 46 countries.
Friday, August 22, 2014
BY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR
When business intersects with family, a host of situations can arise. Without a clear vision and careful planning, hard-earned investments can become stressful burdens.
Thursday, July 03, 2014
BY TED AUSTIN & MIKE BAELE | GUEST CONTRIBUTORS
The Office of Economic Analysis announced that Oregon is currently enjoying the strongest job growth since 2006. While this resurgence has been welcome, the lingering effects of the 2008 “Great Recession” continues to affect Oregon businesses, especially with regard to estate planning and business succession.
Thursday, June 26, 2014
Wednesday, July 09, 2014
BY LINDA BAKER | OB EDITOR
Scott Kveton, the CEO of Urban Airship is taking a leave of absence from the company. As the story continues to unfold, here’s our perspective on a few of the key players.
Thursday, June 26, 2014
BY ERIC FRUTS | OB BLOGGER
Last year, the housing market in Oregon—and the U.S. as a whole—was blasting off. The Case-Shiller index of home prices ended the year 13% higher than at the beginning of the year. But, was last year a blip, or a trend?
Thursday, July 10, 2014
BY TOM COX | OB BLOGGER
Tom Cox interviews Dr. Mark Goulston, author of Just Listen, Discover the Secret to Getting Through to Absolutely Anyone.
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Vigilant enters a New Year with a new president.
How George Fox has become one of Oregon's largest private universities.
Forest Grove sees growth in the burgeoning food and beverage scene.
Lane Powell Shareholder William T. Patton has been appointed to the board of directors for Cascade AIDS Project, an organization that provides educational services and outreach to thousands of Oregonians living with HIV/AIDS.
Fifty-one Lane Powell lawyers were recently selected by their peers for inclusion in The Best Lawyers in America® (Best Lawyers) 2015; of those selected, 23 lawyers are from the Firm’s office in Portland, Oregon.
Barran Liebman is proud to announce that Andrew Schpak, a Partner of the firm, has been named Chair of the American Bar Association’s Young Lawyers Division for the 2014-2015 bar year.