The latest version of House Bill 4009 would penalize businesses that fail to pay at least 80 percent of the tax quarterly.
“Maybe there needs to be whether it’s three months or six months or a year to adjust to an entirely new type of tax,” said House Revenue Committee Chair Representative Nancy Nathanson (D-Eugene).
Chris Allanach with the Legislative Revenue Office said a previous version of the bill imposed a 20 percent penalty for failing to pay quarterly.
“The changes that we’re looking at is reducing that to 5 percent as well as creating a kind of safe harbor calculation where businesses could look at the commercial activity in the prior year and use that as a minimum,” he said.
The first quarterly payment of the corporate activity tax would be in April.