Creates Oregon tax subtraction for interest received by financial institutions from loans made for purchase or improvement of agricultural real estate, rural residences and coastal fishing boats.

Taxes

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Representative Reschke,, Smith G, Representative Levy B,, Scharf,
Last action: 2025-06-27
Official status: In House Committee
Effective date: Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

2025-06-27 House
In committee upon adjournment.
2025-04-15 House
Informational Meeting held.
2025-03-04 House
Public Hearing held.
2025-01-17 House
Referred to Revenue.
2025-01-13 House
First reading. Referred to Speaker's desk.

Official Summary Text

Digest: The Act makes a new tax subtraction for banks that loan for rural farms, houses or boats. (Flesch Readability Score: 72.3).
Creates Oregon tax subtraction for interest received by financial institutions from loans made for purchase or improvement of agricultural real estate, rural residences and coastal fishing boats.
Applies to tax years beginning on or after January 1, 2026, and before January 1, 2032.
Exempts from commercial activity subject to corporate activity tax interest received by financial institutions from loans made for purchase or improvement of agricultural real estate, rural residences and coastal fishing boats.
Applies to tax years beginning on or after January 1, 2026, and before January 1, 2032.
Takes effect on the 91st day following adjournment sine die.
Relating to: Relating to tax incentives for financial institution lending in rural areas; prescribing an effective date.
Current location: In House Committee