Estate Tax Bill Passes House!
By Oregon Farm Bureau,
HB 2541, the 2011 estate tax bill, has passed the House Floor and is headed to a Senate committee – most likely the Senate Revenue Committee. We have positive indications that the bill will be worked by Senator Burdick (D-Portland) and should pass out of her Senate Revenue Committee.
Here are a few reasons OFB is advocating for passing of HB 2541:
– Provides estate tax relief to the vast majority of family farms and businesses by increasing the $1 million dollar exemption to a $1.5 million dollar subtraction that allows all estates, large and small, to benefit.
– Provides better definitions for agricultural estates and qualifying assets for the Oregon Natural Resource Tax Credit
– Provides better definitions for “working capital” for the Oregon Natural Resource Tax Credit
– Provides ease of use and clarifications for tax practitioners for a convoluted and decade old statute – saving money and time for families who are in the process of estate planning
– Is supported by The Oregon Law Commission, the Oregon Farm Bureau, small businesses and numerous other natural resource advocates
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