Oregon Extends Pass-Through Entity Income Tax

The Oregon Governor signed omnibus tax legislation. The law includes: 1) providing a two-year extension, through 2027, for the pass-through business alternative income tax and tax credit, and allowing overpayments to be credited as estimated taxes for the next tax year; 2) updating statutory references to remove “global intangible low-taxed Income” (GILTI) and include the term “net controlled foreign corporation tested income” (NCTI) to reflect federal income tax changes; 3) extending the property tax exemption for cargo containers sunset date by six years to June 30, 2032; and 4) expanding the tax credit for certified film production development contributions to …