If you own a business or prepare taxes, the Oregon Department of Revenue will be swinging by Corvallis tomorrow for a conversation about Oregon’s new Corporate Activities Tax.
Earlier this year, lawmakers passed House Bill 3427, creating the tax. The same bill also tasks the Department of Revenue with writing the rules for its implementation. Taking effect on January 1, the legislation is a $250 tax on the first $1 million of gross receipts after subtractions, as well as a 0.57% tax on gross receipts greater than $1 million after subtractions. The legislation is anticipated to boost school funding by $1 billion a yearly.
Corvallis Stop on the Listening Tour
The Department of Revenue will be traveling throughout Oregon to hear questions, concerns, and suggestions concerning the new tax over the next several weeks. They’ve posted their full schedule.
The Corvallis stop is set for Wednesday, September 18, 7 to 8:30 a.m., at the Old School Event Center, 4455 NE Highway 20, Corvallis.
Some of the topics to be discussed will include:
- When and how businesses register.
- Who must register.
- Who must file and who must pay the tax.
- Annual returns based on calendar year activity.
- How commercial activity is defined.
- Exemptions for charitable organizations.
- Exclusions for groceries, subcontractors, wholesalers and others.
- What counts toward the 35% subtraction.
- How estimated payments will be calculated.
- When estimated payments are due.
For information about the Corporate Activity tax: Department of Revenue Website.
If you can’t attend but have questions or input, feel free to email email@example.com.
By Andy Thompson