2011 New Law Update. Oregon Department of Revenue. Table of Contents. HB 3543 – Kicker Refund Method HB 2710 – Tax Court Fee Increase HB 2728 – 529 Direct Deposit SB 301 – Reconnect HB 3454 – Disconnect Depreciation Subtraction not allowed for NOLs SB 305 – Amnesty Deadline
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Oregon Department of Revenue
There were several legislative proposals to modify the kicker so that a significant portion would be diverted to a “rainy day” fund. One proposal linked kicker reform with a capital gains tax cut. Neither passed the 2011 legislature, but proponents vow they will try again!
At the end of the 2009 legislative session, the House and Senate Revenue Committees requested that the Oregon Law Commission (OLC) conduct a law reform project regarding Oregon‘s inheritance taxation laws and make recommendations for reform to the 2011 Legislative Assembly. After periodic interim reports the OLC proposed HB 2541 that makes major changes to the inheritance tax statutes, found in ORS Chapter 118, that are tied to the outdated 2000 federal Internal Revenue Code.
Forms changes – No more form 40S!
Everyone will convert to Form 40
Invalid Addition, Subtraction, & Credit Codes
Verify that you are using the correct code. For example, we often see the code “529” used to claim a 529 Oregon College Savings Plan subtraction. The correct code is “324.”
Estimated Tax Payment Mismatch
To verify payments, including refund applications, go to “How much do I owe?” on our website – with your client’s permission.