Oregon Voters to Decide on Additional Corporate Minimum Tax in November

Initiative Petition 2024-17 (IP-17) has qualified for Oregon’s November 5, 2024 General Election ballot; the measure is officially titled Oregon Measure 118, Corporate Tax Revenue Rebate for Residents Initiative (2024). If the measure passes, certain corporations will be subject to an additional minimum tax based on Oregon gross receipts.  Additionally, the measure would significantly change the minimum tax imposed on S corporations with at least $25 million of Oregon sales. Lastly, the Oregon Legislative Revenue Office has released their report on the anticipated impact of IP-17.

Please see our prior alert (issued July 8, 2024) which details the specific changes to the state’s minimum tax on corporations.  Note that this is only an overview; for specific guidance, consult with your KBF service team or find a KBF Tax professional here.