SB587: Relating to an income tax subtraction for amounts received in wildfire litigation; prescribing an effective date.

Legislative Summary

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.