HB 3844
Provides for an additional exemption against Oregon estate tax in order to account for inflation in the calculation of a taxable estate.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill increases the exemption amount for Oregon estate taxes to account for inflation. It establishes a new exemption that is adjusted annually based on the percentage increase in the U.S. City Average Consumer Price Index. Estates can file amended returns to seek refunds if the inflation adjustment results in a lower tax liability. The changes apply to estates of decedents who died on or after January 1, 2020.
Key provisions
- Creates a new exemption from Oregon estate tax to account for inflation.
- The exemption amount is adjusted annually based on the U.S. City Average Consumer Price Index.
- The Department of Revenue will determine the exemption amount each year.
- Estates can file amended returns to request a refund if the inflation adjustment reduces the tax owed.
- The changes apply to estates of decedents who died on or after January 1, 2020.
- The bill amends ORS 118.010 to clarify the calculation of the taxable estate.
- Estates with property located in Oregon are subject to estate tax.
- Provides for a process for filing amended returns and seeking refunds.
Who is affected
- Estate owners
- Heirs and beneficiaries of estates
- The Oregon Department of Revenue
- Individuals who die with estates subject to Oregon estate tax
Notable changes
- Introduces an inflation adjustment to the estate tax exemption.
Sponsors
Official sponsors from legislative records.
Primary sponsors
Cosponsors
E. Werner Reschke
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