OR HB2958

Increases Oregon's earned income tax credit from 9% to 20% of the federal credit for most eligible taxpayers, and from 12% to 25% for taxpayers with a dependent under age three, effective for tax years beginning January 1, 2026

Establishes a quarterly advance payment program allowing eligible Oregon residents to receive 50% of their estimated annual earned income tax credit in installments throughout the year, rather than waiting for an annual refund

Protects earned income tax credit payments from garnishment by adding them to the list of property exempt from execution under Oregon law

Delays the quarterly advance payment program until federal rules change to exclude such payments from income-based eligibility determinations for federal public assistance programs

Extends the sunset date for Oregon's earned income tax credit from January 1, 2026 to January 1, 2032