OregonRelating to an income tax subtraction for amounts received in wildfire litigation; prescribing an effective date.
What it does
Creates Oregon corporate excise and income tax subtractions for amounts received in resolution of a civil action arising from wildfire. Creates Oregon corporate excise and income tax subtractions for wildfire-related legal fees paid by plaintiffs. Allows a taxpayer to amend a return to claim a refund for earliest tax year in which subtraction is allowed.
More detail
Applies to declarations and executive orders issued on or after January 1, 2018, and before January 1, 2026, and to amounts received, losses incurred and legal fees paid in tax years beginning on or after January 1, 2018. Takes effect on the 91st day following adjournment sine die.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jun 28In committee upon adjournment.Latest
- Jun 10Public Hearing held.
- Jun 2Referred to Tax Expenditures by order of the President.Minor
- Jun 2Recommendation: Do pass with amendments and be referred to Tax Expenditures. (Printed A-Eng.)Minor
- May 28Work Session held.
- Vote recorded Heard and Reported Out with Amendments. Result: pass.Upper
- Apr 7Public Hearing held.
- Jan 17Referred to Finance and Revenue.Minor
- Jan 13Introduction and first reading. Referred to President's desk.Introduced