The Act makes a new exemption from Oregon estate tax. Provides for an additional exemption from Oregon estate tax. Adjusts the amount of the exemption based on inflation. Applies to the estates of all decedents who die on or after January 1, 2026. Takes effect on the 91st day following adjournment sine die.
Oregon has the lowest exemption in the country at $1 million. In today’s economy, even modest estates will exceed the exemption. California, Idaho and Montana have no state estate tax. Washington’s is $2.2 million. The numbers added should at least match Washington’s or match $7 million in HB 2301. Oregon should not discourage family business next to states more advantageous.