OR HB2117

Restores Oregon's corporate excise tax credit for qualified research activities conducted in Oregon, with the maximum credit amount increased from $1 million to $2 million

Makes the research tax credit refundable (excess credit amounts returned to taxpayer) and transferable to other taxpayers subject to Oregon income tax

Allows businesses to fully deduct research and development expenditures in the tax year paid or incurred, rather than capitalizing and amortizing over five years as required under current federal rules

Unused tax credits may be carried forward for up to five succeeding tax years; transferred credits must be claimed within three consecutive tax years of purchase

Applies to tax years beginning on or after January 1, 2025, and before January 1, 2031, with the act taking effect 91 days after legislative adjournment