[OSSSA218] Fwd: [Payrolltax-News] Update.

[Karen PARK]

FYI....please contact Cathy with any questions in regards to the following information.

Karen Park

Oregon State Social Security Coordinator
Oregon PERS
503 603-7633
karen.park at state.or.us

SL2

Please note my office hours are Monday thru Thursday 6 am to 4:30 pm


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>>> TAVARES Cathleen M <cathleen.m.tavares at dor.state.or.us> 3/8/2011 2:24 PM >>>

 Payrolltax News LISTSERV: 
 Mar. 2011 
Please provide this information to anyone who would benefit from it. 


I. Important Update:


Today, the Senate passed SB 301.  This follows yesterday’s passage of the same bill in the House of Representatives.  The bill now heads to the governor for his signature.  

What does this mean? For tax year 2010, the bill reconnects Oregon to the federal definition of taxable income including all of the changes Congress made in 2010 with these significant exceptions: 

(1) Additional expensing allowed under IRC section 179 (Oregon’s limit remains at $134,000 with a dollar for dollar reduction beginning at $530,000); and
(2) Bonus depreciation allowed under IRC section 168(k). 

For businesses, Oregon is now connected to the exemption of imputed income related to the extension of health insurance coverage provided to adult children (as allowed by the Affordable Care Act)
 For tax year 2011 – After some discussion and debate, the legislature has reinstated a full, rolling reconnect for tax year 2011 including the depreciation and expensing provisions.  
The Payrolltax-News e-mail list provides employers with complete and up-to-date payroll tax information. Employers can self-subscribe here. Representatives in the Business Division will send information to employers through this list. Employers can request additional information by e-mailing payroll.help.dor at state.or.us. 
As a standard practice, e-mail sent from the department will be in text form only. Department of Revenue will not open attachments. 
Questions about list content and subscription problems should be directed to the list owner:  
 
Cathy Tavares
Oregon Dept of Revenue
Cathleen.M.Tavares at state.or.us
503-945-8762
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