SB 842 refund taxes from stimulus checks

04/05/2021
SB 842
VOTE:YES
In Committee
Public Hearing 04/05/2021 1:00pm
Status (overview) of bill:https://olis.oregonlegislature.gov/liz/2021R1/Measures/Overview/SB842
Committee assigned to bill:https://olis.oregonlegislature.gov/liz/2021R1/Committees/SFR/Overview

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This bill requires state to refund taxes taken from stimulus checks.

Personal Choice and Responsibility
Because of a loophole in the state tax code, an estimated 870,000 Oregonians will be sending a part of their federal stimulus checks to the state government. Middle-class families are hit hardest.

Fiscal Responsibility
In computing Oregon taxable income for the purposes of this chapter, there shall be subtracted from federal taxable income any amount received as a payment or credit by the taxpayer under sections 6428 and 6428A of the Internal Revenue Code, if for the tax year the taxpayer had federal taxes accrued. This would be processed similar to how the Oregon Kicker Tax refund is conducted. Act applies to tax years beginning on or after January 1, 2020, and before January 1, 2022.

Comments

  1. Due to the economic strain placed on working Oregonians due to business closures mandated by the governor’s emergency executive order, the least the state can do is refund taxes paid on unemployment benefits. Therefore, I strongly urge this bill be passed.

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