From State Representative John Huffman’s Press release February 15, 2008:
REPRESENTATIVE HUFFMAN SUPPORTS TAX RELIEF FOR OREGON’S
FAMILY FARMERS AND RANCHERS
SALEM — Representative John Huffman (R-The Dalles) supported providing tax relief to small farmers and ranchers with his aye vote on House Bill 3618. House Bill 3618 will give a tax break on estate taxes for family farmers, forest owners and commercial fishing businesses. The House of Representatives passed HB 3618 by a vote of 41 to 18. The bill now goes to the Senate.
HB 3618 will provide tax relief through a credit schedule depending on the size of the estate. The credit schedule is highest at $7.5 million and lowest at $15 million. In order to be eligible for this tax credit, two criteria must be met:
– 50% of the total estate’s value must be natural resource or commercial fishing property.
– In the event that ownership of the property transfers to heirs of the family, the property must continue to be used for the same purpose for five of the next eight years.
“This bill still needs to be amended to extend this benefit to small woodland owners,”
said Rep. Huffman. “I will be working with Senator Ferrioli to ensure this amendment is added.” If signed by the Governor, HB 3618 will become effective 91 days following the adjournment of the 2008 supplemental legislative session.
This press release and an archive of previous press releases issued by Rep. Huffman’s office are available on the web at: www.leg.state.or.us/huffman.