Certain businesses in Oregon could benefit from an extension of a federal state and local tax deduction cap workaround, courtesy of a bill cleared by the state legislature Wednesday.
The bill (S.B. 1510) addresses a range of tax issues. Notably, it would extend for two years, through 2027, the Pass-Through Entity Elective tax that was originally created by the Oregon legislature in 2021 in response to the 2017 federal tax law that instituted a $10,000 SALT cap. The workaround allows certain businesses to pay taxes to the state under a different classification that is deductible on federal returns, ...