[Revenews] Update on 2010 reconnect bill

[PURKEYPILE Steve]

Good afternoon,
The legislature took the first step toward a 2010 tax year reconnect yesterday.  SB 301 passed out of the Senate Finance and Revenue Committee unanimously yesterday afternoon.  The bill, if passed into law, would connect the Oregon definition of taxable income to federal law with the exception of IRC Section 168 bonus depreciation and IRC Section 179 expensing provisions.  Those provisions would still be tied to federal law as of December 31, 2009.

Remember...this is just the first step.  The bill now heads to the Senate floor and if it passes there, over to the House of Representatives and then the Governor.  Stay tuned for further updates.

If you would like to track the progress of this bill yourself, go to the legislature's bill status page and enter "SB 301".  Here's the link: http://www.leg.state.or.us/searchmeas.html.

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Steve Purkeypile
Personal Income Tax Policy
Oregon Department of Revenue



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