OR SB1507

Reduces corporate activity tax rate, corporate income tax rates, corporate minimum taxes, and personal income tax rates, with specific new rates to be determined, contingent on enactment of a statewide retail sales tax

Raises the Oregon estate tax exemption threshold from current levels to $13.99 million for decedents dying after the operative date

Tax reductions only take effect if Oregon enacts and begins collecting a statewide retail sales tax of at least 3% by January 1, 2030

Sales tax proceeds must be designated for specific purposes including public safety grants, wildfire suppression, K-12 education (40 additional instructional hours), workforce development, earned income tax credit increases, and childcare subsidies

Department of Revenue must annually estimate revenue lost from tax reductions and transfer an equal amount from sales tax proceeds to the General Fund for the designated purposes