Financial relief for wildfire victims passes Oregon Senate.
The Oregon Senate has unanimously passed SB 1520, a bill which allows Oregon wildfire victims to recover and rebuild their lives without the additional strain of taxation or settlements related to their wildfire losses.
The measure proposes to exempt legal settlements from state income taxes for wildfires occurring after Jan. 1, 2020, that were declared state and federal emergencies.
“SB 1520 is the result of a year-long bipartisan effort to give wildfire victims financial relief needed rebuild their homes and get their lives back on track,” Sen. Brian Boquist (R-Dallas), who introduced the measure, said. “Now that many victims of recent wildfires have received their settlements from Pacific Power, they want to begin the process of rebuilding. However, they often can’t because they owe roughly 45 percent of their net settlement to the state and federal government in taxes. The tax relief provided in this bill means many of these wildfire victims will have the ability to begin rebuilding their homes, businesses, and communities.”
“It is critical that we ease the burden of Oregonians who have already suffered immense loss to catastrophic wildfire in recent years.,” Sen. Lynn Findley (R-Vale), a chief sponsor of the bill said. “This bill is a great opportunity to provide them with needed financial relief.”
Sen. David Brock Smith (R-Port Orford), also a chief sponsor of the bill, said he appreciates the work of Boquist and is grateful for his colleagues in passing SB 1520.
“Too many of my constituents from Curry to Douglas counties have lost their homes to wildfire due to a lack of management of our federal forest lands,” he said. “SB 1520 exempts taxes on settlements associated with the loss of due to wildfire. This is the right thing to do.”
For Senate Republican Caucus members SB 1520 is a key part of their priority this session, growing the economy and lowering costs for Oregonians.
SB 1520 will next be considered by the Oregon House.
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