An Oregon bill that would detach the state’s tax code from several provisions of the federal GOP tax law enacted last July while also expanding certain incentives advanced out of the state senate Monday.
The bill (S.B. 1507) would disconnect the state entirely from the federal law’s deduction on auto loan interest and the qualified small-business stock exclusion, and partially detach from the provisions on bonus depreciation for machinery and equipment. It would also expand the state’s earned income tax credit contributions by about 5% and create a $1,000 business income tax credit for each new job a ...