Panel formed to come up with new Oregon business taxes

SALEM, Ore. (AP) - Leaders in the Oregon Legislature are forming a temporary, bipartisan committee that'll spend the next several weeks hashing out a business tax-overhaul plan that may go to voters for final approval in a special election.

In a memo Wednesday, House Speaker Tina Kotek and Senate President Peter Courtney, both Democrats, said they are creating the Joint Tax Reform Committee with the 14 lawmakers who handle the state's money-making policies in the House and Senate revenue panels.

The new Tax Reform Committee will hold public hearings to flesh out final details of a proposal to overhaul Oregon's current system of taxing corporate income. That revenue-boosting proposal will serve as the second major component to a broader plan to address the 1.6 billion-deficit that looms over Oregon's 2017-19 budget.