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OR SB490

Bill

Official Source

Status

Failed

6/27/2025

Primary Sponsor

David Smith

Click for details

Origin

Senate

2025 Legislative Measures

AI Summary

  • Raises the corporate activity tax (CAT) exemption threshold from $1 million to $5 million in taxable commercial activity
  • Increases the filing requirement threshold from $1 million to $5 million, meaning businesses with commercial activity at or below $5 million no longer need to file CAT returns
  • Maintains the existing tax rate structure: $250 base plus 0.57% on taxable commercial activity exceeding the threshold
  • Applies to tax years beginning on or after January 1, 2026
  • Takes effect on the 91st day following adjournment of the 2025 regular legislative session

Legislative Description

Relating to exempt amount under corporate activity tax; prescribing an effective date.

Last Action

In committee upon adjournment.

6/27/2025

Committee Referrals

Finance and Revenue1/17/2025

Full Bill Text

No bill text available