Oregon Estate Tax Exemption Initiative (2012)

From Ballotpedia
Revision as of 14:43, 18 April 2014 by JoshA (Talk | contribs)

Jump to: navigation, search
Not on Ballot
Proposed allot measures that were not on a ballot
This measure did not or
will not appear on a ballot
An Oregon Estate Tax Exemption Initiative did not make the November 6, 2012 statewide ballot as an initiated state statute. The measure creates an exemption from estate tax for some income tax payers and farm and ranch owners.[1]

Text of measure

The draft ballot title was:[1]

Creates exemption from estate tax for certain income tax payers and farm and ranch owners.

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.

See also

BP-Initials-UPDATED.png
Suggest a link

External links

References