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<DIV>FYI....please contact Cathy with any questions in regards to the following information.</DIV>
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<DIV><FONT face="Footlight MT Light" color=#6147c5 size=4><STRONG><FONT face="Brush Script MT" size=6>Karen Park<BR></FONT></STRONG></FONT></DIV>
<DIV><FONT face="Footlight MT Light" color=#6147c5 size=4><STRONG>Oregon State Social Security Coordinator</STRONG></FONT></DIV>
<DIV><FONT face="Footlight MT Light" color=#6147c5 size=4><STRONG>Oregon PERS<BR>503 603-7633<BR>karen.park@state.or.us<BR><IMG alt="" hspace=0 src="cid:SYZTHWSZVUZS.IMAGE_51.GIF" align=baseline border=0><BR>SL2</STRONG></FONT></DIV>
<DIV><STRONG><FONT face="Footlight MT Light" color=#6147c5 size=4></FONT></STRONG> </DIV>
<DIV><FONT face="Footlight MT Light" color=#6147c5>Please note my office hours are Monday thru Thursday 6 am to 4:30 pm</FONT></DIV>
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<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><FONT size=2>CONFIDENTIALITY NOTE: All information in this email, including attachments, is approved solely for delivery to and authorized use by intended recipients. Use, dissemination, distribution, or reproduction of this message and/or any of its attachments by unintended recipients is not authorized and may be unlawful. If you are not an intended recipient of this message or an authorized assistant to an intended recipient, please notify the sender by replying to this message and then delete it from your system</FONT>. </P></FONT></DIV><BR><BR>>>> TAVARES Cathleen M <cathleen.m.tavares@dor.state.or.us> 3/8/2011 2:24 PM >>><BR></DIV>
<DIV align=center><FONT face="Trebuchet MS"> <SPAN class=201481522-08032011><STRONG>Payrolltax News LISTSERV: <BR></STRONG></SPAN></FONT><SPAN class=201481522-08032011><STRONG><FONT face="Trebuchet MS"> Mar. 2011 </FONT></STRONG><BR><STRONG><FONT face="Trebuchet MS">Please provide this information to anyone who would benefit from it. <BR></FONT></STRONG></SPAN></DIV>
<DIV><FONT size=2><FONT size=3><SPAN class=201481522-08032011><FONT size=2><STRONG><FONT face="Trebuchet MS"></FONT></STRONG></FONT></SPAN></FONT></FONT> </DIV>
<DIV><FONT size=2><FONT size=3><SPAN class=201481522-08032011><FONT face="Trebuchet MS" size=2><STRONG>I. Important Update:</STRONG></FONT></DIV>
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<DIV><FONT face="Trebuchet MS">Today, the Senate passed SB 301. This follows yesterday’s passage of the same bill in the House of Representatives. The bill now heads to the governor for his signature. </FONT></DIV>
<DIV><FONT face="Trebuchet MS"></FONT> </DIV>
<DIV><FONT face="Trebuchet MS"><B><SPAN class=201481522-08032011>What does this mean? </SPAN>For tax year 2010<SPAN class=201481522-08032011>, t</SPAN></B>he bill reconnects Oregon to the federal definition of taxable income including all of the changes Congress made in 2010 with these significant exceptions: </FONT></DIV>
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<DIV><FONT face="Trebuchet MS">(1) Additional expensing allowed under IRC section 179 (Oregon’s limit remains at $134,000 with a dollar for dollar reduction beginning at $530,000); and</FONT></DIV>
<DIV><FONT face="Trebuchet MS">(2) Bonus depreciation allowed under IRC section 168(k)<FONT color=#0000ff>. </FONT><FONT color=#0000ff></FONT></FONT></DIV></FONT>
<DIV><FONT face="Trebuchet MS" size=2></FONT> </DIV>
<DIV><FONT size=2><FONT face="Trebuchet MS"><SPAN class=201481522-08032011><STRONG><EM>For businesses,</EM></STRONG> Oregon is now connected to the e</SPAN>xemption of imputed income related to the extension of health insurance coverage provided to adult children (as allowed by the Affordable Care Act)</FONT></FONT></DIV><!-- Converted from text/rtf format -->
<P align=left><SPAN lang=en-us><FONT face="Trebuchet MS" size=2><SPAN class=201481522-08032011> <B>For tax year 2011</B> – After some discussion and debate, the legislature has reinstated a full, rolling reconnect for tax year 2011 including the depreciation and expensing provisions. </SPAN></FONT></SPAN></P>
<P align=left><SPAN lang=en-us><SPAN class=201481522-08032011><FONT face="Trebuchet MS" size=1>The <STRONG>Payrolltax-News </STRONG>e-mail list provides employers with complete and up-to-date payroll tax information. Employers can </FONT><A href="http://listsmart.osl.state.or.us/mailman/listinfo/payrolltax-news" target=_blank><FONT face="Trebuchet MS" size=1>self-subscribe here</FONT></A><FONT face="Trebuchet MS" size=1>. Representatives in the Business Division will send information to employers through this list. Employers can request additional information by e-mailing </FONT><A href="mailto:payroll.help.dor@state.or.us"><FONT face="Trebuchet MS" size=1>payroll.help.dor@state.or.us</FONT></A><FONT face="Trebuchet MS" size=1>. <BR>As a standard practice, e-mail sent from the department will be in text form only. Department of Revenue will not open attachments. <BR>Questions about list content and subscription problems should be directed to the list owner: <BR> <BR><FONT size=2>Cathy Tavares<BR>Oregon Dept of Revenue<BR></FONT></FONT><A href="mailto:Cathleen.M.Tavares@state.or.us"><FONT face="Trebuchet MS" size=2>Cathleen.M.Tavares@state.or.us</FONT></A><BR><FONT face="Trebuchet MS" size=2>503-945-8762</FONT><A href="mailto:Cathleen.M.Tavares@state.or.us"></A><BR><BR></P></SPAN></SPAN></BODY></HTML>