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LRO explains HR 1 personal-tax changes: overtime, tip deductions, vehicle interest and charitable rules
Summary
Legislative Revenue Office staff briefed the House Revenue Committee on HR 1’s personal-tax provisions, including new overtime and tip-income deductions, limits on charitable deductions, a qualified vehicle loan interest deduction, and how many provisions may flow into Oregon via federal-to-state connections.
The Legislative Revenue Office told the House Committee on Revenue on Oct. 1 that HR 1 includes multiple new personal-tax provisions that will affect Oregon either directly through the state’s connection to the federal taxable-income definition or indirectly through changes to the federal tax subtraction.
Kyle Easton (LRO) described an overtime pay deduction available to both itemizers and non-itemizers that allows a deduction for the incremental portion of overtime pay—"the half in the time and a half of overtime." He said the deduction has caps of $12,500 for single taxpayers and $25,000 for married…
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