Bill > SB109

This bill updates the connection date to the federal Internal Revenue Code and other provisions of federal tax law from December 31, 2023, to December 31, 2024, across multiple Oregon Revised Statutes (ORS) chapters. The bill makes technical amendments to various sections of law related to tax codes, retirement systems, and other state financial regulations, ensuring that Oregon's tax laws remain synchronized with the most recent federal tax code provisions. The amendments cover areas such as 529 savings accounts, public employee retirement systems, income tax credits, and definitions of various financial terms. Notably, the bill includes provisions to handle retroactive tax treatments, such as canceling interest or penalties for deficiencies related to these changes and allowing refunds without additional interest. The bill will take effect 91 days after the 2025 regular legislative session adjourns, with most provisions applying to transactions or activities occurring on or after January 1, 2025.

Budget and Finance

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/SB109