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OREGON INCOME TAXES. Personal Income Tax. Corporate Excise Tax. Surplus Kicker. Proposed Legislative Tax Changes. Oregon Income and Property Taxes. General Fund Revenues. 1999-01 Biennium: Total $10.1 billion. 2001-03 Biennium: Total $9.2 billion. ($ 755 million). ($ 395 million).

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Oregon income taxes l.jpg

OREGON INCOME TAXES

Personal Income Tax

Corporate Excise Tax

Surplus Kicker

Proposed Legislative Tax Changes



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General Fund Revenues

1999-01 Biennium:

Total $10.1 billion

2001-03 Biennium:

Total $9.2 billion

($ 755 million)

($ 395 million)

($ 8.7 billion)

($ 8.1 billion)


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OREGON INCOME TAXES

Personal Income Tax


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Oregon Personal Income Tax

Federal Adjusted Gross Income

+

  • Oregon Additions:

  • Interest on non-Oregon bonds...

-

  • Oregon Subtractions:

  • Federal income tax up to $3250...

-

  • Deductions

  • Standard either: Itemized

  • $1,640 single

  • $3,280 joint

=

Oregon Taxable Income


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TOP FIVE OR SUBTRACTIONS–Tax Year 2000: Total Full-Year Subtractions = $5.1 billion

SUBTRACTION $ Amount (millions)

  • Federal Income Tax $2,415

  • Social Security Income $1,104

  • Federal Pension Income $ 719

  • Oregon Tax Refund $ 345

  • Interest from U.S. Bonds $ 306


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TOP FIVE FEDERAL ITEMIZED DEDUCTIONS– Tax Year 2000: Total Full-Year Deductions = $9.1 billion

DEDUCTION $ Amount (millions)

  • Home Mortgage Interest $ 3,862

  • Property Taxes $ 1,065

  • Other charitable contributions $ 1,048

  • Medical and Dental Expenses $ 693

  • Charitable contributions: Education $ 215


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Oregon Personal Income Tax

Oregon Taxable Income

x

Tax Rates

=

Tax Before Credits

-

  • Tax Credits

  • $145 personal credit...

=

TAX



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TOP FIVE OR CREDITS –Tax Year 2000: Total Full-Year Credits= $423 million

CREDIT $ Amount (millions)

  • Personal Exemption $ 361

  • Tax Paid to Other States $ 17

  • Earned Income $ 10

  • Working Family $ 7

  • Child Care $ 6.6


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Income Tax Credits

2000: $422.6 million



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Distribution of Tax Returns

Total 2000 Returns: 1.6 million

Total 1990 Returns: 1.3 million


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Components of AGI

1990: $35 billion


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Components of AGI

2000: $66 billion

(full-year returns)




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Distribution of AGI Components

2000 AGI: $66 billion

(full-year returns)


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Average AGI

2000 Average AGI: $43,615

1990 Average AGI: $26,610


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Average AGI By County - 2000

Polk

40,853

Statewide Avg. AGI = $43,165

$0 to $29,999 $30,000 to $40,000 $40,000 to $50,000 Above $50,000


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Average Tax by County - 2000

Columbia

Statewide Avg. Tax = $2,416

$0 to $1,499 $1,500 to $1,999 $2,000 to $2,499 Above $2,500


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Average Tax by County - 1990

Statewide Avg. Tax = $1,404

$0 to $1,499 $1,500 to $1,999 $2,000 to $2,499 Above $2,500


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Number of Tax Returns:Tax Withheld, Estimated Payments & Refunds - 2000





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Part Year and Nonresident Taxpayers 2001 and Nov. 2002

State has nexus to tax income earned by residents and income from Oregon sources earned by nonresidents.

Applies to:

Full Year Residents

Part Year Residents

  • lived in Oregon but moved out

  • lived elsewhere but moved to Oregon

Nonresidents

  • absentee landlord

  • commute from Vancouver, WA


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Part Year and Nonresident Taxpayers 2001 and Nov. 2002

Example:

Total Income

Less: Exempt Income

Plus: Additions

Less: Subtractions

Adjusted Gross Income

Federal

$20,000

1,000

500

200

$19,300

Oregon

$5,000

0

0

50

$4,950

Oregon percentage ($4,950/$19,300) = p = 25.65%


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Part-Year Resident 2001 and Nov. 2002

$19,300

- 7,250

12,050

923

237

- 36

$201

Federal AGI

Less: Deductions 5,000

Federal Tax 2,250

Total Deductions

Taxable Income:

Tax before credits:

Multiply by p

Less Credit ($145) x p

TAX DUE


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Nonresident 2001 and Nov. 2002

$4,950

- 1,860

3,090

170

- 36

$134

Oregon AGI

Less: Deductions 5,000

Federal Tax 2,250

Total 7,250

Multiply by p

Taxable Income:

Tax before credits:

Less Credit ($145) x p

TAX DUE


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Check-off Donations 2001 and Nov. 2002

Total (2000) = $585,000


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SURPLUS KICKER 2001 and Nov. 2002&POTENTIAL CHANGES in Federal and State Income Tax Laws


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2% Kicker 2001 and Nov. 2002

At the end of a biennium if …...

exceed COS estimate by 2% or more….

Entire excess is credited to CORP Taxpayers

1. CORP Income Tax Revenues

2. Other General Fund Revenues

exceed COS estimate by 2% or more….

Entire excess is refunded to PI Taxpayers


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History of Surplus Kicker Refunds 2001 and Nov. 2002(1979/81 – 2001/03)


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Measure 28 2001 and Nov. 2002

  • Passed during 5th special session

  • Increases top personal income tax rate to 9.5%

  • Increases the corporate tax rate to 6.93%

  • Increases tax rates for 3 years beginning tax year 2002

  • Average tax increase is $114 per year

  • Raises $313 million in 2002-03 fiscal year

  • Raises $414 million in 2003-05 biennium


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Bush’s Proposed Economic Recovery Plan 2001 and Nov. 2002

  • Eliminate double taxation on dividends

  • Accelerate the 10% federal tax bracket expansion

  • Accelerate the reduction in income tax rates

  • Accelerate the reduction of the marriage penalty

  • Increase Federal child care credit by $400

  • Increase business expensing threshold

  • Provide similar tax relief to alternative minimum tax returns


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DIVIDEND INCOME AND NUMBER OF RETURNS 2001 and Nov. 2002

Statewide – Tax Year 2000

Dividend Income = $1.5 billion

Number of Returns w/Dividends = 388,461

Total Dividend Estimated Tax = $105 million


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