Lee B Posted May 17, 2019 Report Posted May 17, 2019 Oregon has just passed a Gross Receipts Tax of 0.57 % (57 hundreths of 1 per cent ) on all sales within the state in excess of 1 Million Dollars. The Taxable Sales will be arrived at by subtracting the greater of 35 % of wages or 35 % of COGS. More work for me and higher fees for my larger clients. Quote
Edsel Posted May 17, 2019 Report Posted May 17, 2019 Gross Receipts Taxes are becoming increasingly popular, especially at State and Local levels. States got tired of not getting revenue from companies who reported losses. So in addition to taxes on income, taxes on gross receipts guaranteed that the state would collect money even from companies who lost money. Have they abandoned taxes on income? I haven't noticed them dropping the tax on income. The new taxes on gross receipts are assessed in addition to taxes on profits. Quote
Lee B Posted May 17, 2019 Author Report Posted May 17, 2019 Oregon does not have any sales taxes. However, it does have state income taxes with the following brackets, 5%, 7%, 9% and 9.9%. This bill actually reduces the brackets a bit to 4.75%, 6.75%, 8.75%. The 9.9% bracket is not reduced. Quote
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