By Taxpayers Association of Oregon
HB 2624 had a public hearing this week. HB 2624 would raise the exemption rate for Oregon’s estate tax from $1 million to $2 million. Families pay property taxes all their life on property and then get taxed again when they die. Oregon needs as much estate tax relief as we can get. Estate taxes play a big role in family farms.
HB 2624 Staff Measure Summary reads “Since 2012, Oregon estate tax returns are required from resident taxpayers with gross estate value of $1 million or more, or from nonresidents with real or tangible property in Oregon and gross estate value of $1 million or more. After deductions including funeral expenses, debt, and bequests to a spouse or charity, $1 million of taxable estate value is exempt from the Oregon estate tax.This bill would exempt an additional $1 million by allowing it to be deducted from the gross estate when determining taxable estate, effectively exempting a total of $2 million. The additional $1 million exempted by this bill would be adjusted for inflation annually.”
This superb bill is chief sponsored by State Representative Bobby Levy B, Senator Bill Hansell, Representative James Hieb followed by sponsors Rep. Ed Diehl, Rep. Mark Owens, E. Werner Reschke, Rep. Anna Scharf and Senator Kim Thatcher,