[Revenews] Changes to the reduced tax rates for qualifying business income

[SAKOFF Sophia * DOR]

The Oregon Legislature passed House Bill (HB) 4301 during the Special Legislative Session on May 21, 2018. The bill amends Oregon Revised Statutes (ORS) 316.043 by expanding the list of businesses eligible for the reduced tax rate for qualifying business income. Sole proprietorships may now also claim the reduced rate for tax years beginning on or after January 1, 2018.

To claim the reduced rate, taxpayers with qualifying business income and at least one employee must make an election each year on their original return. Visit www.oregon.gov/dor<http://www.oregon.gov/dor> and see the instructions for the 2017 Schedule OR-PTE-FY, Schedule OR-PTE-PY, or Schedule OR-PTE-NR for details on the reduced rate. The HB 4301 changes will be in the 2018 form instructions that will be posted online in January 2019.

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