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SB587 • 2025

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 amounts received in resolution of a civil action arising from wildfire.

Taxes
Passed Legislature

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

Sponsor
Senator Meek,, Representative Diehl, Senator Smith DB,, Starr,, Representative Elmer,, Gomberg,, Mannix,, Nguyen D,, Nguyen H,, Osborne,, Scharf,, Wright,
Last action
2025-06-27
Official status
In Senate 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

  1. 2025-06-27 Senate

    In committee upon adjournment.

  2. 2025-06-10 Senate

    Public Hearing held.

  3. 2025-06-02 Senate

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

  4. 2025-06-02 Senate

    Referred to Tax Expenditures by order of the President.

  5. 2025-05-28 Senate

    Work Session held.

  6. 2025-04-07 Senate

    Public Hearing held.

  7. 2025-01-17 Senate

    Referred to Finance and Revenue.

  8. 2025-01-13 Senate

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

Official Summary Text

Digest: Exempts awards from and legal fees paid in wildfire suits from corporate excise and income tax. (Flesch Readability Score: 76.5).
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.
Relating to: Relating to an income tax subtraction for amounts received in wildfire litigation; prescribing an effective date.
Current location: In Senate Committee