HB 3737
Allows an additional estate tax exclusion of $4 million.
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- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill increases the Oregon estate tax exclusion amount from $1 million to $4 million. It also establishes a mechanism for adjusting this exclusion annually to account for inflation, using the Consumer Price Index. The changes will take effect on January 1, 2027, and apply to estates of decedents dying on or after that date. The bill also modifies the calculation of the Oregon taxable estate to include adjustments for federal estate tax provisions and marital property.
Key provisions
- Increases the Oregon estate tax exclusion to $4 million.
- Establishes an annual inflation adjustment to the exclusion amount based on the Consumer Price Index.
- The inflation adjustment begins on January 1, 2027.
- Modifies the calculation of the Oregon taxable estate to include federal estate tax adjustments.
- Addresses marital property deductions and elections.
- Specifies how the tax rate is calculated based on the size of the taxable estate.
- Provides rules for calculating estate taxes for decedents with property located outside of Oregon.
- Allows executors to make elections for state estate tax purposes consistent with federal tax provisions.
Who is affected
- Estate planning attorneys
- Heirs and beneficiaries of estates
- Individuals with significant assets
- Oregon residents
- The Oregon Department of Revenue
Notable changes
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