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Legislative economist outlines Oregon estate tax trends and trade-offs
Summary
The Legislative Revenue Office presented data showing estate tax receipts have grown substantially since 2012 and that changing Oregon’s $1,000,000 exclusion would materially reduce revenues; policymakers were briefed on natural-resource exemptions, distribution of tax liabilities and migration-related uncertainties.
John Hart of the Legislative Revenue Office briefed the committee on state wealth transfer taxes — estate, gift and inheritance tax distinctions — and Oregon’s estate tax specifics.
Hart explained technical distinctions: gifts generally carry over basis to recipients, while inherited assets typically receive a stepped-up basis equal to value at death; federal estate and gift tax parameters (2025 figures cited in the presentation) include a unified exclusion (presented as $13,990,000 in Hart’s slides) and a top statutory rate…
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