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Senate committee hears bill to extend income-tax subtraction for wildfire settlements through 2027
Summary
The Senate Committee on Finance and Revenue heard testimony on Senate Bill 1205, which would extend an existing personal income tax subtraction for judgments or settlements arising from wildfires to include fires that occur in 2026 and 2027; proponents said some homeowners and small claimants still await settlements.
The Senate Committee on Finance and Revenue opened a public hearing April 14 on Senate Bill 1205, a proposal to expand an existing personal income tax subtraction so that judgments or settlements from wildfires that occur in 2026 and 2027 would be exempt from Oregon income tax.
The bill would extend the current eligibility window, which the Legislative Revenue Office staff told the committee applies to wildfires that occurred from 2018 through 2025 and permits amounts received from settlements or judgments at…
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