'Grand bargain' focuses on business tax cuts

'Grand bargain' focuses on business tax cuts

Lawmakers will find out soon if Gov. Kitzhaber will call a special session to vote on Oregon's "grand bargain."

Republicans in the Senate (where the bargain came one vote short of proceeding) say they’re willing to go along with a tax increase if it includes a new rate scheduled for owners of “S Corporations,” an IRS codification that includes many privately held small businesses.

Owners of those businesses -- depending on how their firms are organized -- pay Oregon personal income tax rates as high as 9.9 percent on business income which “flows through” to their personal tax returns.

Read more at OregonLive.com.