Signed by Governor John Kitzhaber

Vote Smart's Synopsis:

Vote to pass a bill that amends the state's estate tax, beginning January 1, 2012.

Highlights:

• Specifies that the estate tax be applied only to the amount over the first $1 million of the estate (Sec. 3).

• Establishes a tax credit for natural resource property worth up to $15 million (Sec. 7).

• Defines "natural resource property" as property that is in farm use or is used as forestland (Sec. 7).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends Oregon's inheritance tax laws by increasing the state estate tax exemption from 1 million to 1.5 million dollars.

Highlights:

• Establishes that an estate tax return is not required with respect to the estates of decedents who die on or after January 1, 2011, unless the value of the gross estate is $1.5 million or more (Sec 8).

Full Bill Text