Oregon Ballot Measure 59 (2008) - Specific Provisions of The Initiative

Specific Provisions of The Initiative

The ballot title is "An Act to Prohibit Double Taxation". Specific provisions include:

• Adding Section 1 to the Oregon Revised Statutes. Prohibition on Double Taxation. Whereas it is unjust for one government to impose an income tax on money a taxpayer has been required to pay to another government as an income tax; therefore, for tax years beginning on or after January 1, 2010, no Oregon taxpayer shall be required to pay to the state, a local government, or other taxing district, an income tax of any kind on money paid to the federal government as federal income taxes. All money paid to the federal government to satisfy, wholly or in part, a taxpayer’s federal income tax obligation for tax years beginning on or after January 1, 2010 shall be fully deductible against income on the taxpayer’s Oregon income tax return. This section applies only to (i) federal income taxes paid on income subject to tax in Oregon, and (ii) federal income taxes, including capital gains taxes, paid by individuals. This section does not apply to corporate income taxes or corporate excise taxes.

• Adding Section 2 to the Oregon Revised Statutes. This 2008 Act supersedes any existing law or rule with which it conflicts. If any phrase, clause or part of this 2008 Act is determined to be invalid by a court of competent jurisdiction, the remaining phrases, clauses, and parts shall remain in full force and effect.