Signed by Governor Ted Kulongoski

Vote Smart's Synopsis:

Vote to pass a bill that gives tax credits to farms and commercial fishing businesses who are required to pay into the inheritance tax upon the death of the owner.

Highlights:

- Reduces the tax credit after the first $7.5 million in assets [sec. 1 (2) (c)]. - Caps the tax credit at $15 million in assets [sec. 1 (3) (a)]. - Requires the land be used for the same purposes by a family member or legal domestic partner for five out of the eight years following the descendent's death to be eligible for the tax credit [sec. 1 (3) (d)]. - Defines farms, for the purposes of this bill, as property devoted to farming or forestry purposes including timber, trees, crops, and forestry or farming equipment [sec. 1 (2) (a) (C)].

Full Bill Text