Personal casualty loss. (1) There shall be subtracted from federal taxable income any amount of personal casualty loss that is incurred in Oregon and that would be deductible under section 165(c) and (h) of the Internal Revenue Code, but for the operation of section 165(h)(5) of the Internal Revenue Code

(2) A subtraction under this section is allowed only for a personal casualty loss that:

(a) Results from an event that is the subject of a state of emergency declared by the Governor; or

(b) Occurs in an area subject to a Governor’s executive order invocating the Emergency Conflagration Act under ORS 476.510 to 476.610.

(3) A subtraction may not be allowed under this section if the amount described in subsection (1) of this section:

(a) Is a loss from theft; or

(b) Is taken into account as a deduction on the taxpayer’s federal income tax return for the tax year. [2023 c.324 §2]

Note: Section 3, chapter 324, Oregon Laws 2023, provides:

Sec. 3. Section 2 of this 2023 Act [316.850] applies to tax years beginning on or after January 1, 2020, and before January 1, 2026. [2023 c.324 §3]