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Personal Income Taxes: Governor’s Budget Proposal Includes Extending Certain Credits and Creating New Working Family Addition Tax Credit

Oregon Gov. John Kitzhaber has released his 2015-2017 budget recommendations, which include proposals to extend various corporate and personal income tax credits and to create a new working family addition tax credit. The Governor recommends continuing 18 corporate and personal income tax credits that are set to end in 2015-17.

The tax programs recommended for extension include the following: child with a disability, rural medical practice, costs in lieu of nursing home care, long-term care insurance, elderly or permanently disabled, loss of limbs, severe disability, qualified low-income community investments, public university venture development fund, child and dependent care, working family child care, employer-provided dependent care assistance, contributions to office of child care, individual development account donation, individual development account withdrawal, Oregon life and health IGA assessments, TRICARE health care providers, and Oregon veteran’s home physicians.

Further, the governor recommends the creation of a new working family addition tax credit. If adopted, the new credit would provide a non-medical credit of up to 5% of adjusted gross income of those already enrolled in the working game hacker apk for android family credit program. The proposed credit is intended to smooth out the benefit cliff for those who are moving up the income ladder from $9.10 an hour to $17.10 an hour.

A complete summary of the budget proposal recommendations is available on the governor’s website at http://www.oregon.gov/gov/priorities/pages/budget.aspx.

Governor’s Opportunity & Investment Budget, Gov. John Kitzhaber, December 2, 2014; Governor’s Budget, Gov. John Kitzhaber, December 2, 2014

Original Article: http://news.cchgroup.com/index.php/tax-headlines/state-tax-headlines/oregon-corporate-personal-income-taxes-governors-budget-proposal-includes-extending-certain-credits-and-creating-new-working-family-addition-tax-credit/


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