Relating to inheritance tax credits; prescribing an effective date.
Catchline/Summary:
For purposes of natural resource property or commercial fishing property inheritance tax credit, allows credit equal to tax otherwise due for eligible property with value less than $7.5 million and phases out credit for property with value up to $15 million. For purposes of natural resource property or commercial fishing property inheritance tax credit, allows credit equal to tax otherwise due for eligible property with value less than $7.5 million and phases out credit for property with value up to $15 million. Defines terms related to working capital. Provides for exemption from taxation if property is sold and proceeds used to pay tax. Adjusts limit of value of property eligible for credit and credit amounts for inflation. Provides that certain federal elections are not binding on Oregon estates.
Applies to estates of decedents who die on or after effective date of Act.
Takes effect on 91st day following adjournment sine die.
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HB 3305 House Committee On Revenue
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