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OR HB3738

Bill

Official Source

Status

Failed

6/27/2025

Primary Sponsor

Alek Skarlatos

Click for details

Origin

House of Representatives

2025 Legislative Measures

AI Summary

  • Creates an Oregon personal income tax subtraction for distributions received from 401(k) retirement plans and individual retirement accounts (IRAs)
  • Allows taxpayers to subtract qualifying retirement plan income from their federal taxable income when calculating Oregon state taxes
  • Prohibits the subtraction for any amounts already claimed as a deduction or credit on state or federal tax returns
  • Applies to tax years beginning on or after January 1, 2026, and before January 1, 2032
  • Takes effect on the 91st day following adjournment of the 2025 legislative session

Legislative Description

Relating to an income tax subtraction for amounts received from retirement plans; prescribing an effective date.

Last Action

In committee upon adjournment.

6/27/2025

Committee Referrals

Revenue2/27/2025

Full Bill Text

No bill text available