Budget & Taxes (Business Taxes)

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 the earliest tax year in which a subtraction is allowed. Applies to declarations and executive orders issued on or after January 1, 2018, and before January 1, 2027, 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.

Updates the terminology used to describe certain income earned by multinational corporations to reflect a change in the term used in federal law. Aligns sunset dates for earned income tax credit provisions with the underlying sunset date for the credit. Expands the tax credit for certified film production development contributions to allow the use of contributions for the production of commercials. Applies to fiscal years beginning on or after July 1, 2026. [ Provides an exception from the annual filing requirement for the property tax exemption for property burdened by an affordable housing covenant used for owner-occupied housing. Applies to property tax years beginning on or after July 1, 2027. ] Extends the sunset for the property tax exemption for cargo containers. Repeals the requirement that revenue from a tribal tax on the distribution of motor vehicle fuel that is exempt from the gas taxes under Oregon law is subject to the highway-use restrictions under the Oregon Constitution. Extends the applicability of the pass-through business alternative income tax and tax credit through the 2027 tax year. Allows overpayments to be credited as estimated payments for the next tax year. Requires the State Board of Tax Practitioners to register as enrolled agents individuals who are authorized by the Internal Revenue Service to represent taxpayers as enrolled agents. Takes effect on the 91st day following adjournment sine die.

Requires public contractors to demonstrate and maintain tax compliance, through a certification process, as a condition of the execution of a public contract. Becomes operative January 1, 2027. Directs the Secretary of State to study methods for collecting information through business registry function to ensure tax compliance by persons doing business in this state. Takes effect on the 91st day following adjournment sine die.