Signed by Governor Ted Kulongoski

Vote Smart's Synopsis:

Vote to pass a bill that increases income tax rates for Oregon residents.

Highlights:

-Additional brackets created for those over $125,000 and over $250,000 (Sec. 1). -Mandates that the rates of taxes imposed for tax years beginning January 1, 2009 and ending January 1, 2012, abide by the following stipulations regarding taxable income: -If $2,000 or below, the tax is of 5% taxable income -If over $2,000 but not over $5,000, the tax is $100 plus 7% of excess over $2,000 -If over $5,000 but not over $125,000, the tax is $310 plus 9% of the excess over 5% -If over $125,000 but not over $250,000, the tax is $11,110 plus 10.8% of the excess over $125,000 -If over $250,000, the tax is $24,610 plus 11% of the excess over $250,000 (Sec. 1). -Requires that the rates of taxes imposed for tax years on or after January 1, 2012 abide by the following conditions regarding taxable income: -If $2,000 or below, the tax is 5% of taxable income -If over $2,000 but not over $5,000, the tax is $100 plus 7% of excess over $2,000 -If over $5,000 but not over $125,000,the tax is $310 plus 9% of the excess over $5,000 -If over $125,000 but not over $250,000, the tax is $11,110 plus 9.9% of the excess -If over $250,000, the tax is $24,610 plus 11% of the excess over $250,000 (Sec. 2). -This 2009 Act takes effect on the 91st day after the date on which the regular session of the Seventy-fifth Legislative Assembly adjourns sine die (Sec. 10).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that temporarily raises the personal income tax rate for those individuals making over $125,000 a year, an increase that will be eliminated on January 1, 2012.

Highlights:

-Increases the personal income tax rate for those making between $125,000 and $250,000 a year to a base of $11,110 plus 10.8% of all income over $125,000 beginning January 1, 2009 and ending in 2012 (Sec. 2). -Increases the personal income tax rate for those making over $250,000 a year to a base of $24,610 plus 11% of all income over $250,000 beginning January 1, 2009 and ending in 2012(Sec. 2). -Decreases the personal income tax rate for those making over $125,000 to a base of $11,110 plus 9.9% of all income over $125,000 beginning January 1, 2012 (Sec. 2). -Eliminates the tax bracket for those making over $250,000 after January 1, 2012 and includes them in the tax bracket for those making over $125,000 (Sec. 2).

Full Bill Text