As part of the"grand bargain,” the Oregon Legislature adopted a new tax cut for some business owners last week during a three-day special session. The complicated new law that will take effect in the 2015 tax year, giving owners of limited liability companies, partnerships and"S corporations” new, lower tax rates. First, the income can’t be"passive,” a tax distinction that aims to differentiate shareholders from owners who are actively employed by their business. In other words, only business owners who work for their business or draw a salary from their business are eligible and shareholders who just get checks don't. Second, the business must have at least one non-investor employee.
www.oregonlive.com/politics/index.ssf/2013/10/find...river
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