What is an exemption? (Business tax laws: PCC 7.02.400 and MCC 12.400)
Certain taxpayers are exempt under the Portland and Multnomah County business tax codes, policies and rules. These exemptions include:
- Business income less than $50,000 from all business receipts everywhere
- Real estate brokers working under the supervision of a primary broker
- Individuals whose only income is
- Gain on sale of primary residence,
- Gain on sale of personal property acquired for personal or household use, and
- Investment earnings (if not part of a business)
- Corporations exempt from the Oregon Corporation Excise Tax under ORS 317.080 (generally not-for-profit corporations)
- Trusts exempt from Federal income tax under IRC § 501
- Persons whose only business activity is raising or harvesting the person's own crops or livestock
- Persons who operate a display booth in a permanent structure for less than 14 days in a tax year
What if I'm exempt?
What if I'm exempt but don't file?
The Bureau will ask you to file a return. If nothing is filed, a Civil Penalty is assessed and collection activities will begin.
The Annual Exemption Request form is simple to complete, and required supporting documents prepared with your Federal and State tax returns.