Big businesses face tax increase

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High Five
Monday, January 04, 2010

The passing of Measure 67 will raise the corporate minimum tax from its current $10 while also setting a higher tax bracket for taxable income above $250,000.

While supporters of the tax increase are counting on its appeal to voters, opponents believe the increase will hurt companies.

The minimum tax is the amount companies must pay even if their income or excise taxes amount to little or nothing. That could be because they simply made too little or no profit. It could result from tax accounting rules that let them whittle down their tax debt by carrying forward a previous year’s losses or claiming an abundance of tax credits and deductions.

If measure 67 passes, then 60 percent of Oregon companies now subject to the $10 minimum will end up instead paying $150 — less than what the minimum tax would have been had it merely been adjusted for inflation since 1931.

Read the full story at The Register-Guard.

{biztweet}Oregon Measure 67 corporate{/biztweet}

 
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