VOTE:YES – Died In Committee
Status (overview) of bill:https://olis.leg.state.or.us/liz/2019R1/Measures/Overview/SB701
Committee assigned to bill:https://olis.leg.state.or.us/liz/2019R1/Committees/SFR/Overview
This bill raises estate tax exclusion to $11.4 million for decedents dying on or after January 1, 2019.
Personal Choice and Responsibility
Protects generations of work, accomplishments, and creating jobs. The levy of death taxes in a setting of prior taxation of income constitutes double taxation. Death taxes are a form of taxation of savings since the value of an estate is determined by the savings and investments over their lifetimes. Thus, it is likely that death taxes deter saving, which in turn deters the funding of investments, with adverse effects on economic growth and job creation.
Raises threshold for filing of estate tax return to gross estate valued at or more than $11.4 million. Adjusts exclusion amount and filing threshold for inflation. Allows family owned businesses to continue as family owned, not requiring liquidation for tax liability.