Oregon Updates Federal Income Tax Conformity, Provides Exceptions

The Oregon Governor signed a law that includes: 1) providing conformity updates to the Internal Revenue Code (IRC) by two years to Dec. 31, 2025, and to Jan. 1, 2026; 2) decoupling from the federal “qualified passenger vehicle loan interest’ deduction; 3) decoupling from the federal income exclusion for gain from the sale or exchange of small business stock; 4) disallowing federal bonus depreciation; and 5) creating nonrefundable individual income tax and corporate income and excise tax credits for taxpayers that create new jobs in Oregon during the tax year. The law takes effect on the 91st day following adjournment ...