Oregon legislation · 2026 Legislative Measures
Oregon SB1507: Relating to revenue; and prescribing an effective date.
Status: Chaptered, April 14, 2026
Digest: The Act updates the tie date to the federal Internal Revenue Code and other federal tax laws. Disconnects from certain federal tax laws. Increases the amount of the earned income tax credit. Makes a new tax credit for new jobs. (Flesch Readability Score: 67.6). [ Digest: The Act would reduce income taxes and other taxes if the state collects a retail sales tax. (Flesch Readability Score: 70.1). ] [ Reduces taxes imposed under various tax programs, operative conditioned upon imposition of a statewide retail sales tax dedicated to specified purposes. Directs the Department of Revenue to estimate the revenue lost to tax reductions and to direct an equal amount of revenue to various purposes. ] Updates the connection date to the federal Internal Revenue Code and other provisions of federal tax law. Increases the amount of the earned income tax credit allowed as a percentage of the federal earned income tax credit. Disconnects from, and requires addback of amounts for, federal provisions allowing deductions of personal auto loan interest and bonus depreciation and allowing exclusion of gain from small business stock. Applies to tax years beginning on or after January 1, 2026. Creates a personal income or corporate excise tax credit for a taxpayer creating new jobs in the tax year. Applies to tax years beginning on or after January 1, 2026, and before January 1, 2032. Takes effect on the 91st day following adjournment sine die.
What the bill says
An Act or a Title within an Act of the United States Congress designated as an Act or Title making technical corrections, then notwithstanding the date that the Act or Title becomes law, those portions of the Internal Revenue Code, as so corrected, shall be the portions of the Internal Revenue Code incorporated by reference as provided in subsection (2) of this section and shall take effect, unless otherwise indicated by the Act or Title (in which case the provisions shall take effect as indicated in the Act or Title), as if originally included in the provisions of the Act being technically co.
From the enrolled text, February 26, 2026:
an Act or a Title within an Act of the United States Congress designated as an Act or Title making technical corrections, then notwithstanding the date that the Act or Title becomes law, those portions of the Internal Revenue Code, as so corrected, shall be the portions of the Internal Revenue Code incorporated by reference as provided in subsection (2) of this section and shall take effect, unless otherwise indicated by the Act or Title (in which case the provisions shall take effect as indicated in the Act or Title), as if originally included in the provisions of the Act being technically corrected. If, on account of this subsection, any adjustment is required to an Oregon return that would otherwise be prevented by operation of law or rule, the adjustment shall be made, notwithstanding any law or rule to the contrary, in the manner provided under ORS 314.135. (b) As used in this subsection, "Act or Title" includes any subtitle, division or other part of an Act or Title. SECTION 36. ORS 314.306 is amended to read: 314.306. (1) If a taxpayer excludes an amount from federal gross income by reason of the discharge of indebtedness of the taxpayer under section 108(a)(1)(A) of the Internal Revenue Code (relating to discharge of indebtedness in a bankruptcy declared under U.S.C. Title 11), …
Latest actions
- : Effective date, June 5, 2026.
- : Chapter 142, 2026 Laws.
- : Governor signed.
- : Speaker signed.
- : President signed.
- : Passed.
- : Motion to re-refer to Revenue failed.
- : Third reading. Carried by Nathanson.
- : Second reading.
- : Recommendation: Do pass.
Votes
- Passed. (February 25, 2026): 34 yea, 21 nay, passed
- Motion to re-refer to Revenue failed. (February 25, 2026): 19 yea, 33 nay, failed
- HREV Committee Vote (February 19, 2026): 4 yea, 2 nay, passed
- Rules suspended. Third reading. Carried by Broadman. Passed. (February 16, 2026): 17 yea, 13 nay, passed
- Rules suspended. Motion to substitute Minority Report for Committee Report failed. (February 16, 2026): 12 yea, 18 nay, failed
- SFR Committee Vote (February 9, 2026): 3 yea, 2 nay, passed
Common questions
- What is SB1507?
- SB1507 is a bill in the Oregon Legislature (2026 Legislative Measures): Relating to revenue; and prescribing an effective date.
- What does SB1507 do?
- In its own words: An Act or a Title within an Act of the United States Congress designated as an Act or Title making technical corrections, then notwithstanding the date that the Act or Title becomes law, those portions of the Internal Revenue Code, as so corrected, shall be the portions of the Internal Revenue Code incorporated by reference as provided in subsection (2) of this section and shall take effect, unless otherwise indicated by the Act or Title (in which case the provisions shall take effect as indicated in the Act or Title), as if originally included in the provisions of the Act being technically co.
- What is the status of SB1507?
- Chaptered as of April 14, 2026. Latest action: Effective date, June 5, 2026. (April 14, 2026).
- Where is the official record for SB1507?
- On the Oregon Legislature website: https://olis.oregonlegislature.gov/liz/2026R1/Measures/Overview/1507
Source: official Oregon record. Tracked by Delilah, AI for legislation across all 50 states and Congress.