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Preliminary Estimate of Local Income Tax Revenue February 9, 2011 Page 2 <br />A <br />SSUMPTIONS <br /≯» Ý·¬§ ±º Û«¹»²» ·­ ½±²­·¼»®·²¹ ·º ·¬ ­¸±«´¼ ¿­µ ¬¸» ª±¬»®­ ¬± ·³°±­» ¿ ´±½¿´ ·²½±³» ¬¿¨ ±² <br />Ý·¬§ ®»­·¼»²¬­ò ̸» Ý·¬§ ¸¿­ ²±¬ ¼»½·¼»¼ ¬¸» ­¬®«½¬«®» ±º ¬¸» ¬¿¨ô ­± ÛÝÑÒ±®¬¸©»­¬ ¸¿¼ ¬± <br />³¿µ» ¿ ª¿®·»¬§ ±º ¿­­«³°¬·±²­ò É» ´·­¬ ¬¸» µ»§ ¿­­«³°¬·±²­ ¸»®»ô ©·¬¸ ¿² »¨°´¿²¿¬·±² ±º <br />¸±© ¬¸»§ ¿ºº»½¬ ®»ª»²«»ò <br />Identifying taxable income <br />Ú·¹«®» ï ­¸±©­ ¿ ¾¿­·½ ­½¸»³¿¬·½ ±º ¼·ºº»®»²¬ ¬»®³­ «­»¼ ¿²¼ ¸±© ¬¿¨°¿§»®­ ¼»¬»®³·²» <br />¬¸»·® ´·¿¾·´·¬§ ·² Ñ®»¹±²ò ̱ ¼»¬»®³·²» ¬¿¨ ´·¿¾·´·¬§ô ¬¿¨°¿§»®­ º·®­¬ ¼»¬»®³·²» ¬¸»·® ¹®±­­ <br />·²½±³»ô ¬¸»² º±´´±© ¬¸» ­¬»°­ ±² ¬¸» º»¼»®¿´ ¬¿¨ º±®³ ¬± ½¿´½«´¿¬» ¬¸»·® ¿¼¶«­¬»¼ ¹®±­­ <br />·²½±³» øßÙ×÷ò ̸» ßÙ× ·­ «­»¼ ¿­ ¬¸» ¾¿­·­ º±® ¼»¬»®³·²·²¹ ¬¸»·® Ñ®»¹±² Ì¿¨¿¾´» ײ½±³» <br />øÑÌ×÷ô ©¸·½¸ ·­ «­»¼ ¬± ¼»¬»®³·²» ¬¸» ¹®±­­ ¬¿¨ò ̸» ¹®±­­ ¬¿¨ ·­ ®»¼«½»¼ ¿º¬»® ­«¾¬®¿½¬·²¹ <br />±«¬ »¨»³°¬·±² ½®»¼·¬­ º±® ¼»°»²¼»²¬­ô ¼·­¿¾·´·¬·»­ô ¿²¼ ®»¬·®»³»²¬ ·²½±³» ½®»¼·¬­ ¬± <br />¼»¬»®³·²» ¬¸» ¿½¬«¿´ ¬¿¨ ´·¿¾·´·¬§ò <br />Figure 1: Computation of Personal Income <br />Tax in Oregon <br />Federal Gross Income <br />- <br />Federal adjustments to income <br />(e.g., IRA deduction, student <br />loan interest deduction) <br />= <br />Federal Adjusted Gross Income (AGI) <br />+ <br />Oregon Additions <br />- <br />Oregon Subtractions <br />- <br />Oregon Deductions (e.g., <br />itemized deductions) <br />= <br />Oregon Taxable Income (OTI) <br />x <br />Tax Rates <br />+ <br />Interest on Installment Sales <br />= <br />Gross Tax <br />- <br />Credits (e.g., exemptions for <br />dependents, retirement income <br />credit) <br />= <br /> <br />Tax Liability <br />Oregon Personal Income <br />Source: Oregon Department of Revenue. <br />Tax Statistics, Characteristic of Filers. <br /> 2010 Edition Tax Year 2008. p. 4. <br />éÕÔÊÜÏÜÑÄÊÔÊËØÑÔØÊÎÏÉÕØîéôÛØÚÜÈÊØÎ×ÔÉÊËØÑÜÉÔÇØØÜÊØÉÎÜÙÐÔÏÔÊÉØËmÔÉÔÊÜÚÑØÜËÑÔÏØ <br />ÔÉØÐÎÏîËØÖÎÏiÊ÷ÎËÐ <br />üÑÊÎÉÕØËØÔÊÍËØÚØÙØÏÚØÔÏîËØÖÎÏÉÎÈÊØÉÕÔÊÜÊÜÛÜÊÔÊÉÎ <br />¼»¬»®³·²» ·²¼·ª·¼«¿´ ¬¿¨ ´·¿¾·´·¬§ò Ü«®·²¹ ¬¸» ¬¸®»» §»¿®­ ¬¸¿¬ Ó«´¬²±³¿¸ ݱ«²¬§ ¸¿¼ ¿² <br />