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Senate committee hears bill to exempt business wildfire settlements from Oregon corporate tax
Summary
Senate Committee on Finance and Revenue opened a public hearing April 7 on Senate Bill 587, which would allow Oregon businesses to subtract wildfire-related judgments, settlements and related legal expenses from corporate excise and income tax through Jan. 1, 2026.
Senate Committee on Finance and Revenue opened a public hearing April 7 on Senate Bill 587, a measure to let Oregon businesses subtract wildfire-related judgments, settlements and related legal expenses from corporate excise and income tax through Jan. 1, 2026, and to allow amended returns for 2018–2022, sponsor Senator Mark Meek said.
The bill, Meek said, "creates an Oregon corporate excise and income tax subtraction for judgments or settlements received, for civil actions from wildfires, and it also creates, subtraction for, related legal expenses." Representative Ed Deal, a co-chief sponsor, said the measure extends…
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