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Senate panel reviews estate-tax options; LRO models $2.5M exclusion cuts revenue about 45%
Summary
Legislative Revenue Office economist John Hart told the Senate Finance and Revenue Committee that raising Oregon’s estate-tax exclusion to $2.5 million would, in the LRO model, reduce collections about 45% on average — and that revenue-neutral rate changes would shift the burden upward for larger estates.
John Hart, an economist with the Legislative Revenue Office, told the Senate Interim Committee on Finance and Revenue that Oregon’s estate-tax receipts are forecast to grow — from roughly $488 million today to about $850 million in six years — and that changes to exclusion amounts significantly affect revenue.
Hart showed LRO examples in which lifting the exclusion to $2.5 million would reduce estate-tax collections by about 45% on average over his five-year model. "The example this arrow points to is an increase in the exclusion to 2,500,000 under the current law structure ... estimated to reduce estate tax collections by about 45%," Hart said.
The economist cautioned…
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