Senate committee hears competing proposals to change Oregon estate tax; no vote taken

The Oregon Senate Committee on Finance and Revenue convened a public hearing Feb. 12 to consider four bills that would change Oregon’s estate tax: Senate Bill 380 (a sliding additional exemption for small taxable estates), Senate Bill 405 and Senate Bill 648 (which would align Oregon’s exemption with the federal exemption level of $13,610,000), and Senate Bill 764 (an exemption for family-owned business interests meeting ownership and holding requirements). No committee votes were taken.

Sen. Suzanne Weber, sponsor of SB 380, said the proposal is intended to make it easier for family farms and other family-owned businesses to pass to a next generation. “Senate bill 3 80 would do just that by modestly increasing the exemption to Oregon's estate tax,” she said, and added, “the estate tax hurts more than the millionaires who have somehow won the birth lottery.” Under the measure described in committee materials, SB 380 would add a $1,500,000 additional exemption for estates with taxable values below $4,500,000 and phase that extra exemption out through $8,500,000; estates would still receive the existing $1,000,000 exemption.

Sen. Fred Girod, sponsor of SB 405, framed his proposal as a simplification and competitiveness measure. “Senate Bill 4 0 5 is…