Anonymous ID: 8179e2 April 30, 2020, 4:09 p.m. No.8978827   🗄️.is 🔗kun

https://www.oregonlive.com/coronavirus/2020/04/oregons-new-business-tax-may-take-a-share-of-federal-coronavirus-relief-loans.html

 

he forgivable paycheck protection loans the Small Business Administration is handing out to protect jobs may be taxable under Oregon’s controversial new business tax that supports education.

 

The Legislature approved the corporate activity tax in 2019 to fund the Student Success Act, to bring in $1 billion a year for schools. The tax kicked in Jan. 1 and the first payments were due Thursday.

 

Businesses had asked Gov. Kate Brown to suspend the tax for six months, to no avail. She said schools are counting on the revenue, however diminished receipts may be due to the deepening economic downturn.

 

Businesses have also been pleading with the governor to suspend any late payment penalties on businesses that don’t make the first quarter estimated payments by Thursday. They have argued that the rules governing underlying tax calculations are still being written and the operational chaos due to the coronavirus makes it difficult to businesses of all sizes to calculate and afford the first quarter payment.

 

Brown met the business community partway on that request, doubling the threshold of businesses that are required to file in the first quarter to those with $10,000 in estimated liabilities. Businesses above that threshold have to make or document a good-faith effort to make their quarterly payments or still face a late-filing penalty.

 

Now, the Department of Revenue is examining whether forgiven loans are “commercial activity” in law for the purposes of the tax. If so, the forgiven portion of any loan might be subject to the tax’s 0.57% levy for any business that has in-state revenues of more than $1 million.

 

“The department is in the process of making that legal determination,” said Robin Maxey, a spokesman for the Department of Revenue. “Once that determination is made, we’ll notify taxpayers and stakeholders, including the Oregon Legislature, as quickly as possible.”

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i hope other anons are winning cause nothing but losing in oregon