Scott Schiefelbein is a managing director in Deloitte Tax LLP’s Washington National Tax Multistate practice.
In this article, the author provides an overview of two bills enacted by the Oregon Legislature and signed by Governor Kate Brown that respond to federal tax reform legislation, as well as some related taxpayer considerations.
This article does not constitute tax, legal, or other advice from Deloitte, which assumes no responsibility regarding assessing or advising the reader about tax, legal, or other consequences arising from the reader’s particular situation.
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Introduction – Federal Tax Reform Legislation Imposes Changes on Oregon Taxes
On December 22, 2017, President Trump signed the federal tax reform bill (P.L. 115-97, or “the Act”), which is the most comprehensive tax reform legislation passed in over thirty years. The Act lowers tax rates on individuals, C corporations, passthrough entities and estates as well as moving the United States toward a territorial-style system for taxing foreign-source income of domestic multinational corporations. To offset these costs, a number of deductions, credits and incentives were reduced or eliminated. Continue reading Oregon Enacts Legislation in Response to Federal Tax Reform