Oregon Statutes 316.847 – National service educational award
(1) There shall be subtracted from federal taxable income amounts received as a national service educational award under 42 U.S.C. § 12602, following completion of the required term of service in 42 U.S.C. § 12593(b).
Terms Used In Oregon Statutes 316.847
- Taxable income: means the taxable income as defined in subsection (a) or (b), section 63 of the Internal Revenue Code, with such additions, subtractions and adjustments as are prescribed by this chapter. See Oregon Statutes 316.022
- Taxpayer: means any natural person, estate, trust, or beneficiary whose income is in whole or in part subject to the taxes imposed by this chapter, or any employer required by this chapter to withhold personal income taxes from the compensation of employees for remittance to the state. See Oregon Statutes 316.022
(2) A subtraction may not be allowed under this section if the amounts described in subsection (1) of this section:
(a) Are not included in the taxpayer‘s federal gross income for the tax year; or
(b) Are taken into account as a deduction on the taxpayer’s federal income tax return for the tax year. [2021 c.525 § 36]
Section 37, chapter 525, Oregon Laws 2021, provides:
Section 36 of this 2021 Act [316.847] applies to amounts received in tax years beginning on or after January 1, 2021, and before January 1, 2027. [2021 c.525 § 37]