SB 587

  • Oregon Senate Bill
  • 2025 Regular Session
  • Introduced in Senate Jan 13, 2025
  • Senate
  • House
  • Governor

Relating to an income tax subtraction for amounts received in wildfire litigation; prescribing an effective date.

Abstract

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. 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.

Bill Sponsors (12)

Votes


Actions


Jun 28, 2025

Senate

In committee upon adjournment.

Jun 10, 2025

Senate

Public Hearing held.

Jun 02, 2025

Senate

Referred to Tax Expenditures by order of the President.

Jun 02, 2025

Senate

Recommendation: Do pass with amendments and be referred to Tax Expenditures. (Printed A-Eng.)

May 28, 2025

Senate

Work Session held.

Apr 07, 2025

Senate

Public Hearing held.

Jan 17, 2025

Senate

Referred to Finance and Revenue.

Jan 13, 2025

Senate

Introduction and first reading. Referred to President's desk.

Bill Text

Bill Text Versions Format
A-Engrossed PDF
Introduced PDF
Senate Amendments to Introduced PDF
SFR Amendment -1 PDF

Related Documents

Document Format
No related documents.

Sources

Data on Open States is updated periodically throughout the day from the official website of the Oregon Legislative Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.