OR HB3120

Increases Oregon's earned income tax credit from 9% to 12% of the federal earned income credit for most eligible taxpayers

Creates tiered credit percentages based on youngest dependent's age: 18% for dependents under 3 years old, and 15% for youngest dependents ages 3 to 5

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

Allows taxpayers to claim the credit using either a Social Security number or individual taxpayer identification number

Takes effect on the 91st day following adjournment of the 2025 legislative session, applying to tax years beginning January 1, 2026