Oregon is moving closer to enacting a new gross receipts tax to support public education funding. The Joint Committee on Student Success is holding public hearings on House Bill 3427, which outlines improvements to the state’s public education system. Revenue from the proposed gross receipts tax would support the Student Success Fund, which is the funding mechanism for public education improvements. The amendment to House Bill 3427 outlines the proposed Corporate Activity Tax and the reduction in personal income tax rates. The first three brackets will be reduced by 0.25 percentage points, while the top bracket starting at taxable income over $125,000 will remain at 9.9 percent. This change will be effective for the 2020 tax year. Taxable income over $05.0%Taxable income over $04.75% Oregon 2019 and Proposed Personal Income Tax Rates, House Bill 3427 Amendment 1 (Filing Single) Tax Bracket 2019 Tax Rate Proposed Tax Bracket Proposed Tax Rate Taxable income over $3,550…
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