Relating to tax treatment of wildfire litigation; prescribing an effective date.

Digest: Exempts awards from and legal fees paid in wildfire suits from income tax. (Flesch Readability Score: 76.5). Creates an Oregon tax subtraction for amounts received in settlement of civil actions arising from wildfire. [ Allows ] Creates an Oregon [ itemized deduction ] tax subtraction for wildfire-related legal fees paid by plaintiffs. Allows taxpayer to amend return to claim refund for earliest tax year in which a subtraction is allowed. Applies to wildfire emergency 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 all tax years beginning on or after January 1, [ 2020 ] 2018 . Takes effect on the 91st day following adjournment sine die.