2025 Regular Session
HB 3428
Allows an additional estate tax exclusion of $1 million.
In Committee
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- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill increases the Oregon estate tax exclusion amount from $0 to $1 million. Beginning in 2027, this exclusion will be adjusted annually to account for inflation based on the U.S. City Average Consumer Price Index. The bill also clarifies how the Oregon taxable estate is calculated, including adjustments for federal estate tax provisions and marital property.
Key provisions
- Increases the Oregon estate tax exclusion to $1 million.
- Establishes an annual inflation adjustment to the exclusion amount based on the Consumer Price Index.
- Clarifies the calculation of the Oregon taxable estate, incorporating federal estate tax rules.
- Addresses estate tax for residents and nonresidents with property in Oregon.
- Specifies how estate taxes paid from estate funds are treated.
- Allows executors to make elections for state estate tax purposes consistent with federal tax provisions.
- Sets the effective date for the changes to January 1, 2026.
Who is affected
- Estate planning attorneys
- Heirs and beneficiaries of estates
- Individuals with significant assets
- Oregon taxpayers
- The Oregon Department of Revenue
Notable changes
- Adds a new estate tax exclusion of $1 million.
- Introduces an inflation adjustment mechanism for the exclusion amount.
- Refines the calculation of the taxable estate to align with federal tax rules.
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