SALEM, Ore. The state legislature adjourned yesterday without acting on bill that would have applied the state’s excise tax to some credit unions, one of several legislative tax threats around the country.
The bill, developed by the Oregon Bankers Association, would have imposed the corporate excise tax on state chartered or interstate credit unions which hold more than $50 million in loans; or hold one or more municipal deposits over $250,000; or hold member business loans exceeding 10% of its assets.
The bill is similar to one introduced in the Oregon legislature that died without a hearing.
In the past week, the House and Senate approved at least half-dozen final bills, including a budget reconciliation measure. The Senate President and Speaker of the House, simultaneously gaveled the session to a close Monday. The session ended on its 154th day.
