HB 4078
Creates Oregon corporate excise and income tax subtractions for amounts received in resolution of a civil action arising from wildfire.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill allows Oregon residents who were plaintiffs in civil lawsuits resulting from wildfires to deduct amounts received in judgments or settlements, as well as wildfire-related legal fees, from their federal taxable income. To qualify, the lawsuit must be linked to a state or federal disaster declaration or a state emergency. Taxpayers must amend their returns to claim these deductions, and they are limited to the extent that losses aren't covered by insurance. The bill also establishes a timeframe for claiming refunds and sets a date for the law to take effect.
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