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News & Press: State Tax News

ODR advises some to postpone filing until Legislative Assembly concludes

Tuesday, February 20, 2018  
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This was sent via email from the Oregon Department of Revenue on February 20, 2018

On February 9, 2018, the federal "Bipartisan Budget Act of 2018" (HR 1892, Public Law 115-123) was signed into law. The Act contains several revenue provisions, most of which extend certain credits and deductions through the end of 2017. We are advising taxpayers and preparers affected by the provisions below to wait until mid-March to file when the Oregon Legislative Assembly concludes the 2018 session.

We are waiting for guidance on the following extensions which affect 2017 federal taxable income of personal income taxpayers filing their Oregon return:

  • The exclusion of income from the discharge of qualified principal residence indebtedness, where the debt must have been discharged before January 1, 2018 (previously, the discharge had to occur before January 1, 2017)
  • The itemized deduction for mortgage insurance premiums treated as qualified residence interest, which no longer applies to premiums paid after December 31, 2017 (previously, the deduction wasn’t allowed for premiums paid after December 31, 2016);
  • The tuition and fees deduction, which no longer applies to amounts paid after December 31, 2017 (previously, the deduction wasn’t allowed for amounts paid after December 31, 2016).

The Oregon Legislative Assembly will decide whether Oregon will disconnect from some or all of the revenue provisions in the Act. Once the session ends in mid-March, we will send out another Revenews to communicate the outcome and filing instructions if necessary. We will also send information to software vendors to update their programming to reflect the outcome. If you choose to file and claim the above items prior to mid-March, they will not be allowed and an adjustment may occur.

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