Below is a press release from Rep. Hanna’s office:
REP. HANNA CALLS FOR DEATH TAX RELIEF
FOR OREGON FAMILIES, SMALL BUSINESSES AND FARMS
House Republican Plan Brings Oregon’s Estate Tax In-line with Federal Tax Law
SALEM”” Rep. Bruce Hanna (R-Roseburg) Tuesday presented the House Republican plan to reform Oregon’s death tax. The House Deputy Republican Leader, testifying before the House Revenue Committee, said HB 3430 will help many Oregon families, small businesses and farms with the devastating costs of a family member’s or owner’s death.
“There are many examples of families who have been forced to sell homes, small businesses, and farms, or go deeply into debt, in order to pay estate taxes,” Rep. Hanna said. “Our caucus strongly supports the concept of estate tax reform by increasing the exemption and moving toward reconnecting with federal law.”
HB 3430 increases Oregon’s estate tax exemption from $1 million to $2 million to match the current federal exemption. While the federal estate tax is scheduled to be eliminated by 2010, Rep. Hanna said reforming the state’s estate tax is a positive step toward increasing fairness in Oregon’s tax code.
“As housing prices continue to rise in our state, an increasing number of Oregonians will be affected by the state’s inheritance tax,” Rep. Hanna said. “The current law has and will continue to cost hundreds of Oregon families tens of thousands of dollars each year.”
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