Estate Tax Reform
In regard to the initiative to Protect Family Giving from Taxes: the deadline for submitting voter signatures to get on the November 2016 Ballot has passed. Unfortunately the initiative committee did not gather sufficient signatures to qualify for the ballot this year. If you have signed petition sheets we are still collecting such information for our database of supporters. Please send them to Common Sense for Oregon, 2007 State Street, Salem, Oregon 97301.
Senator Bill Hansell has agreed to be chief sponsor of estate tax reform legislation for the 2017 Oregon Legislative Session. This bill will change the Oregon estate tax deduction from $1 million to the federal deduction $5.45 million. It will also set a flat tax rate of 10% instead of the current escalating tax rate, which ranges from 10% to 16%. Please contact us for more information if you would like to help support passage of this legislation.
Oregon Estate Tax Reform Work Continues
Federal Estate Tax Reform Opens Door
We are pleased that Congress is seriously considering repeal of the Federal estate tax. This opens the door to discussions about the continuation of the Oregon estate tax. The federal exemption is generous. So the federal estate tax does not affect many Oregonians. But the national discussion should center around the unfairness at a tax upon a person's death.
Other elements of federal tax reform will likely force the Oregon Legislature to pass adjusting tax legislation during the 2018 legislative session. This provides an opportunity for us to propose reforms of the Oregon estate tax, and we will do so.