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Committee Hears Targeted Fixes to 2023 Natural-Resource Estate Exemption
Summary
House Bill 3,630 would clarify and broaden the natural-resource exemption enacted in 2023 (SB 498) by allowing trusts and family businesses to qualify, adjusting look-back/look-forward rules, allowing replacement property in exchanges, and excluding qualified property from certain tax-ratio calculations.
The House Committee on Revenue opened testimony April 3 on House Bill 3,630, which proposes technical and substantive clarifications to Oregon’s natural-resource estate exemption created by Senate Bill 498 in 2023. Sponsors and witnesses described the measure as a "shakedown cruise" fix to address implementation gaps and uncertainty that emerged after SB 498 took effect.
Representative Kevin Mannix and a group of estate-planning attorneys and accountants told the committee the bill aims to preserve the legislative intent while making the statute workable for family-owned farms, timberlands and fishing operations. Key changes described in testimony include allowing ownership by trusts and family-owned business…
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