OR HB4078

Creates Oregon corporate excise and income tax subtractions for amounts received through judgments or settlements in wildfire-related civil actions, provided the wildfire was subject to a Governor's state of emergency, Emergency Conflagration Act order, or federal disaster declaration

Allows plaintiffs to subtract wildfire-related legal fees from federal taxable income, regardless of whether they itemize deductions on federal or state returns

Subtractions are not permitted for amounts already claimed as federal deductions or credits, or for losses already compensated by insurance

Applies retroactively to wildfires with declarations issued between January 1, 2018, and January 1, 2027, covering amounts received and legal fees paid in tax years beginning on or after January 1, 2018

Taxpayers seeking refunds for tax years 2018-2023 must file amended returns by May 15, 2029; refunds will not accrue interest