Oregon Enacts Law Creating Excise Tax Credit for De Novo Banks

The Oregon Governor signed a law that creates a corporate excise tax credit for newly chartered banks. The law includes: 1) definitions; 2) clarifying that the tax credit can be claimed for each of the first three years that the bank does business in the state; and 3) clarifying that the credit applies only to Oregon-chartered banks that begin business in tax years beginning on or after Jan. 1, 2027. The law takes effect June 5. [H.B. 4052, enacted 03/31/26]