REP. MIKE MCLANE
HOUSE DISTRICT 55
For Immediate Release
Wednesday, October 2, 2013
Contact: Kevin Curry, 503-986-1351
OREGON HOUSE PASSES BILL CUTTING SMALL BUSINESS TAXES &
EXPANDING ACCESS TO SENIOR MEDICAL DEDUCTION TO LOW & MIDDLE INCOME
SALEM, OR – The Oregon House of Representatives voted today to provide Oregon’s small businesses with one of the largest business tax cuts in state history. The same legislation modified an increasingly expensive senior medical deduction to rein in cost and focus it on low and middle income Oregon seniors. The measure, HB 3601, reduces taxes for Oregon businesses who file as Schedule E, which includes many LLCs, S-Corps, LLPs and partnerships.
“Small businesses and family-owned businesses are the heart of Oregon’s economy and we granted them relief today,” said Rep. Mike McLane (R – Powell Butte), the House Republican Leader.
Further, the measure also coverts the senior medical deduction into a subtraction on state income taxes, which allows lower income filers who do not itemize deductions to take advantage of the program. It then caps the use by single filers making over $100,000.00 per year and joint filers making $200,000.00.
“This change reins in cost while simultaneously making the medical deduction available to more lower and middle income seniors,” Rep. McLane said.
The measure was part of the package of bills being considered by the Oregon Legislature during the special session called by Governor John Kitzhaber.