Oregon Legislation Would Take State out of OZ Conformity with IRC
Legislation in Oregon would remove the state from conformity with the federal Internal Revenue Code concerning the opportunity zones (OZ) incentive. The bill would end the exclusion from state taxes any OZ gain that is excluded for federal tax purposes, but would allow any amount added to state taxable income to be deducted from state income for the year in which it is includable in federal taxable income. The legislation would also require state economists to study the effectiveness of the federal OZ incentive. The change would be effective for tax years beginning on or after Jan. 1, 2020.