Oregon HB4078 allows tax deductions for wildfire-related legal fees and settlements.

Oregon HB4078 provides tax relief for plaintiffs in wildfire litigation by allowing deductions for legal fees and settlement amounts from federal taxable income. This applies to wildfires declared as emergencies by the Governor, areas under executive order for conflagration, or federally declared disasters. The bill also allows taxpayers to amend returns to claim refunds for tax years starting after January 1, 2018. The provisions take effect 91 days after the legislative session ends.

Oregon HB4078 allows tax deductions for wildfire-related legal fees and settlements.

Oregon HB4078 provides tax relief for plaintiffs in wildfire litigation by allowing deductions for legal fees and settlement amounts from federal taxable income. This applies to wildfires declared as emergencies by the Governor, areas under executive order for conflagration, or federally declared disasters. The bill also allows taxpayers to amend returns to claim refunds for tax years starting after January 1, 2018. The provisions take effect 91 days after the legislative session ends.