Oregon Estate Tax Exemption Initiative (2012)
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Text of measure
The draft ballot title was:
Result of "Yes" Vote: "Yes" vote exempts from estate tax property of persons who, in any 10 years, paid personal income taxes, or property taxes on ranch or farm.
Result of "No" Vote: "No" vote retains current one-time state estate tax on inherited property for estates of certain value; provides some tax credits for "natural resource property."
Summary: Current state law imposes one-time tax on estates of persons dying on or after January 1, 2006, if estate's gross value -- determined by federal tax law as of December 31, 2000 -- is $1 million or more. Credits against such taxes may be available for statutorily-defined "natural resource property." Measure creates exemption from state estate tax for property of persons who, in any 10 years, paid Oregon personal income taxes, or owned any ranch/farm for which property taxes were paid. Exemption applies regarding any state tax imposed "as to a person's property in connection with the death of the person." Exemption applies to all real and personal property, and -- once person qualifies -- inextinguishable. Measure reduces state revenues, provides no replacement. Other provisions.
Path to the ballot
- See also: Oregon signature requirements
In order to qualify for the ballot, supporters were required to collect a minimum of 87,213 valid signatures by July 6, 2012.