Bill > SB656

This bill creates a new income tax credit for energy producers in Oregon, which applies to tax years beginning on or after January 1, 2024. The credit allows energy producers to claim 50 percent of their tax liability for energy production at facilities located in Oregon, covering a wide range of energy sources including wind, solar, nuclear, fossil fuels, geothermal, and hydroelectric power. Taxpayers must obtain written certification from the Department of Revenue before claiming the credit, and unused credits can be carried forward for up to three consecutive tax years. The bill also establishes a 13-member Task Force on Free-Market Energy Production, composed of voting members appointed by the Senate President, House Speaker, and Governor, along with ex officio non-voting members from various state agencies. The task force's primary mission is to review existing energy production laws and develop recommendations to ensure equal regulation of all energy production methods based on scientific analysis of risks and rewards. The task force is required to submit a report by September 15, 2026, and will be automatically repealed on January 2, 2027. The bill takes effect 91 days after the adjournment of the 2025 regular legislative session.

Budget and Finance

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/SB656