Ask for tax information and you shall receive. In this case, it’s info on state taxation of the federal stimulus package checks that will be issued beginning in May.
As noted in yesterday’s blog item, folks who live in states that collect income taxes are starting to wonder if this IRS rebate bonus will be a state tax boondoggle.
So far we know the federal tax cash is taxable in Alabama, but not in New York.
Today, we get good news for Oregon residents. That
state’s tax officials have announced that the federal rebate is not
taxable by the Beaver State. However, some Oregon taxpayers’ federal
tax subtraction on their state returns may need to be adjusted as a
result of the rebate.
More on how the rebate fits into Oregon’s tax system can be found at this Oregon Department of Revenue FAQ page.
And for an interesting tidbit about the Oregon flag pictured above, click on that image (or here if the flag doesn’t appear in your feed reader or browser).
