It is the value at the time it vests, which in your example is $12,000. That is the amount that will be included in your wages and reported on your W-2 in box 1. RSU awards have no real value unless and until they vest, at which time they value of the RSU is considered earned income. Similarly if the value of the RSU dropped to $8,000, that is the amount that would be included in your wages, and is also the amount that would be used to calculate the percentage that is taxable by Oregon.
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