SB 563

Creates Oregon tax subtraction for interest received by financial institutions from loans made for purchase or improvement of agricultural real estate, rural residences and coastal fishing boats.

Bill Text

• Introduced

The bill creates a tax subtraction for financial institutions on interest received from loans for agricultural real estate, rural residences, and coastal fishing boats.

Original Bill Text

Sponsors#

Chief Sponsors: Dick Anderson

Overview#

Digest: The Act makes a new tax subtraction for banks that loan for rural farms, houses or boats. (Flesch Readability Score: 72.3). Creates Oregon tax subtraction for interest received by financial institutions from loans made for purchase or improvement of agricultural real estate, rural residences and coastal fishing boats. Applies to tax years beginning on or after January 1, 2026, and before January 1, 2032. Exempts from commercial activity subject to corporate activity tax interest received by financial institutions from loans made for purchase or improvement of agricultural real estate, rural residences and coastal fishing boats. 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.

Legislative History