Bill Text: OR SB507 | 2013 | Regular Session | Introduced
Bill Title: Relating to earned income tax credits.
Spectrum: Slight Partisan Bill (Democrat 8-3)
Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB507 Detail]
Download: Oregon-2013-SB507-Introduced.html
77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session
NOTE: Matter within { + braces and plus signs + } in an
amended section is new. Matter within { - braces and minus
signs - } is existing law to be omitted. New sections are within
{ + braces and plus signs + } .
LC 1647
Senate Bill 507
Sponsored by Senator ROSENBAUM, Representative TOMEI; Senators
BATES, DINGFELDER, GEORGE, KRUSE, STEINER HAYWARD, THOMSEN,
Representatives BAILEY, DOHERTY, KOMP
SUMMARY
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
Increases percentage of federal earned income credit allowable
as credit against Oregon personal income tax in each of four
consecutive tax years.
First applies to tax years beginning on or after January 1,
2013.
A BILL FOR AN ACT
Relating to earned income tax credits; creating new provisions;
amending ORS 315.266; and repealing sections 5 and 6, chapter
880, Oregon Laws 2007.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 315.266 is amended to read:
315.266. (1) In addition to any other credit available for
purposes of ORS chapter 316, an eligible resident individual
shall be allowed a credit against the tax otherwise due under ORS
chapter 316 for the tax year in an amount equal to { - six - }
{ + nine + } percent of the earned income credit allowable to
the individual for the same tax year under section 32 of the
Internal Revenue Code.
(2) An eligible nonresident individual shall be allowed the
credit computed in the same manner and subject to the same
limitations as the credit allowed a resident by subsection (1) of
this section. However, the credit shall be prorated using the
proportion provided in ORS 316.117.
(3) If a change in the taxable year of a taxpayer occurs as
described in ORS 314.085, or if the Department of Revenue
terminates the taxpayer's taxable year under ORS 314.440, the
credit allowed by this section shall be prorated or computed in a
manner consistent with ORS 314.085.
(4) If a change in the status of a taxpayer from resident to
nonresident or from nonresident to resident occurs, the credit
allowed by this section shall be determined in a manner
consistent with ORS 316.117.
(5) If the amount allowable as a credit under this section,
when added to the sum of the amounts allowable as payment of tax
under ORS 316.187 or 316.583, other tax prepayment amounts and
other refundable credit amounts, exceeds the taxes imposed by ORS
chapters 314 and 316 for the tax year after application of any
nonrefundable credits allowable for purposes of ORS chapter 316
for the tax year, the amount of the excess shall be refunded to
the taxpayer as provided in ORS 316.502.
(6) The Department of Revenue may adopt rules for purposes of
this section, including but not limited to rules relating to
proof of eligibility and the furnishing of information regarding
the federal earned income credit claimed by the taxpayer for the
tax year.
(7) Refunds attributable to the earned income credit allowed
under this section shall not bear interest.
SECTION 2. { + The amendments to ORS 315.266 by section 1 of
this 2013 Act apply to tax years beginning on or after January 1,
2013, and before January 1, 2014. + }
SECTION 3. ORS 315.266, as amended by section 1 of this 2013
Act, is amended to read:
315.266. (1) In addition to any other credit available for
purposes of ORS chapter 316, an eligible resident individual
shall be allowed a credit against the tax otherwise due under ORS
chapter 316 for the tax year in an amount equal to { - nine - }
{ + 12 + } percent of the earned income credit allowable to the
individual for the same tax year under section 32 of the Internal
Revenue Code.
(2) An eligible nonresident individual shall be allowed the
credit computed in the same manner and subject to the same
limitations as the credit allowed a resident by subsection (1) of
this section. However, the credit shall be prorated using the
proportion provided in ORS 316.117.
(3) If a change in the taxable year of a taxpayer occurs as
described in ORS 314.085, or if the Department of Revenue
terminates the taxpayer's taxable year under ORS 314.440, the
credit allowed by this section shall be prorated or computed in a
manner consistent with ORS 314.085.
(4) If a change in the status of a taxpayer from resident to
nonresident or from nonresident to resident occurs, the credit
allowed by this section shall be determined in a manner
consistent with ORS 316.117.
(5) If the amount allowable as a credit under this section,
when added to the sum of the amounts allowable as payment of tax
under ORS 316.187 or 316.583, other tax prepayment amounts and
other refundable credit amounts, exceeds the taxes imposed by ORS
chapters 314 and 316 for the tax year after application of any
nonrefundable credits allowable for purposes of ORS chapter 316
for the tax year, the amount of the excess shall be refunded to
the taxpayer as provided in ORS 316.502.
(6) The Department of Revenue may adopt rules for purposes of
this section, including but not limited to rules relating to
proof of eligibility and the furnishing of information regarding
the federal earned income credit claimed by the taxpayer for the
tax year.
(7) Refunds attributable to the earned income credit allowed
under this section shall not bear interest.
SECTION 4. { + The amendments to ORS 315.266 by section 3 of
this 2013 Act apply to tax years beginning on or after January 1,
2014, and before January 1, 2015. + }
SECTION 5. ORS 315.266, as amended by sections 1 and 3 of this
2013 Act, is amended to read:
315.266. (1) In addition to any other credit available for
purposes of ORS chapter 316, an eligible resident individual
shall be allowed a credit against the tax otherwise due under ORS
chapter 316 for the tax year in an amount equal to { - 12 - }
{ + 15 + } percent of the earned income credit allowable to the
individual for the same tax year under section 32 of the Internal
Revenue Code.
(2) An eligible nonresident individual shall be allowed the
credit computed in the same manner and subject to the same
limitations as the credit allowed a resident by subsection (1) of
this section. However, the credit shall be prorated using the
proportion provided in ORS 316.117.
(3) If a change in the taxable year of a taxpayer occurs as
described in ORS 314.085, or if the Department of Revenue
terminates the taxpayer's taxable year under ORS 314.440, the
credit allowed by this section shall be prorated or computed in a
manner consistent with ORS 314.085.
(4) If a change in the status of a taxpayer from resident to
nonresident or from nonresident to resident occurs, the credit
allowed by this section shall be determined in a manner
consistent with ORS 316.117.
(5) If the amount allowable as a credit under this section,
when added to the sum of the amounts allowable as payment of tax
under ORS 316.187 or 316.583, other tax prepayment amounts and
other refundable credit amounts, exceeds the taxes imposed by ORS
chapters 314 and 316 for the tax year after application of any
nonrefundable credits allowable for purposes of ORS chapter 316
for the tax year, the amount of the excess shall be refunded to
the taxpayer as provided in ORS 316.502.
(6) The Department of Revenue may adopt rules for purposes of
this section, including but not limited to rules relating to
proof of eligibility and the furnishing of information regarding
the federal earned income credit claimed by the taxpayer for the
tax year.
(7) Refunds attributable to the earned income credit allowed
under this section shall not bear interest.
SECTION 6. { + The amendments to ORS 315.266 by section 5 of
this 2013 Act apply to tax years beginning on or after January 1,
2015, and before January 1, 2016. + }
SECTION 7. ORS 315.266, as amended by sections 1, 3 and 5 of
this 2013 Act, is amended to read:
315.266. (1) In addition to any other credit available for
purposes of ORS chapter 316, an eligible resident individual
shall be allowed a credit against the tax otherwise due under ORS
chapter 316 for the tax year in an amount equal to { - 15 - }
{ + 18 + } percent of the earned income credit allowable to the
individual for the same tax year under section 32 of the Internal
Revenue Code.
(2) An eligible nonresident individual shall be allowed the
credit computed in the same manner and subject to the same
limitations as the credit allowed a resident by subsection (1) of
this section. However, the credit shall be prorated using the
proportion provided in ORS 316.117.
(3) If a change in the taxable year of a taxpayer occurs as
described in ORS 314.085, or if the Department of Revenue
terminates the taxpayer's taxable year under ORS 314.440, the
credit allowed by this section shall be prorated or computed in a
manner consistent with ORS 314.085.
(4) If a change in the status of a taxpayer from resident to
nonresident or from nonresident to resident occurs, the credit
allowed by this section shall be determined in a manner
consistent with ORS 316.117.
(5) If the amount allowable as a credit under this section,
when added to the sum of the amounts allowable as payment of tax
under ORS 316.187 or 316.583, other tax prepayment amounts and
other refundable credit amounts, exceeds the taxes imposed by ORS
chapters 314 and 316 for the tax year after application of any
nonrefundable credits allowable for purposes of ORS chapter 316
for the tax year, the amount of the excess shall be refunded to
the taxpayer as provided in ORS 316.502.
(6) The Department of Revenue may adopt rules for purposes of
this section, including but not limited to rules relating to
proof of eligibility and the furnishing of information regarding
the federal earned income credit claimed by the taxpayer for the
tax year.
(7) Refunds attributable to the earned income credit allowed
under this section shall not bear interest.
SECTION 8. { + The amendments to ORS 315.266 by section 7 of
this 2013 Act apply to tax years beginning on or after January 1,
2016, and before January 1, 2017. + }
SECTION 9. { + ORS 315.266 applies to tax years beginning
before January 1, 2017. + }
SECTION 10. { + Sections 5 and 6, chapter 880, Oregon Laws
2007, are repealed. + }
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