HB 2546 Increases Estate Tax Exemption

HB 2546
In Committee
Public Hearing 03/07/2017 1:00pm HR A
Status (overview) of bill:https://olis.leg.state.or.us/liz/2017R1/Measures/Overview/HB2546?pubDate=2017-03-06-15-17
Committee assigned to bill:https://olis.leg.state.or.us/liz/2017R1/Committees/HREV/Overview

Posted on TrackTheirVote.org

This bill increases estate tax exemption of who must file to $5.45 million, and provides an automatic adjustment to the taxable estate value using the IRS code 2010(c)(3)'s adjustment for inflation. Applies after January 1, 2018.

Personal Choice and Responsibility
Allows inheritance of large estates a larger exemption that will protect working farms and nurseries from bankruptcy at death of owner.

Fiscal Responsibility
As of January 1, 2018,taxable estate is calculated using the federal taxable estate adding a reduction to the formula in ORS 118.010(3)(b), the amount in IRS code 2010(c)(3 in effect December 31, 2016, minus $1 million [$5.45 million minus $1 million = an additional reduction in taxable estate of $450,000]. The taxable amount will increase during inflation, but could also decrease if the cost-of-living adjustment is negative. The exempt amount is fixed at the value in IRS 2010(c)(3) for December 31, 2016 at $5.45 million.


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