OR SB109

Updates Oregon's connection date to the federal Internal Revenue Code from December 31, 2023 to December 31, 2024, ensuring state tax law incorporates federal tax changes made during 2024

Amends over 30 Oregon Revised Statutes across multiple areas including the Oregon 529 Savings Network, ABLE accounts, Public Employees Retirement System (PERS), personal and corporate income taxes, unemployment insurance, and paid family and medical leave insurance

Applies to transactions or activities occurring on or after January 1, 2025, in tax years beginning on or after January 1, 2025, with retroactive federal provisions applying as they would under federal law

Cancels interest and penalties for deficiencies attributable to the retroactive connection date update, and pays refunds without interest for affected tax years before January 1, 2025

Takes effect on the 91st day after the 2025 regular legislative session adjourns sine die