Oregon Prohibit Estate Tax Initiative (2012)

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A Oregon Prohibit Estate Tax Initiative did not make the November 2012 statewide ballot in the state of Oregon as an initiated state statute. The measure would have prohibited estate taxes and any taxes on property transferred between family members.[1]

Text of measure

The draft ballot title is:[1]

Prohibits estate and inheritance taxes, and any tax on property transfers between "family members."

Result of "Yes" Vote: "Yes" vote prohibits estate and inheritance tax, tax on death-related property transfers, and tax on property transfers between certain family members; reduces state revenue.

Result of "No" Vote: "No" vote retains one-time estate tax on inherited property for estates of certain value; tax on property transfers between family members in certain circumstances.

Summary: Current state law imposes one-time tax on estate of person dying on or after January 1, 2006, if estate's gross value -- determined by federal law as of December 31, 2000 -- is at least $1,000,000. Current law taxes income-producing property sales, regardless of parties' relationship. Effective January 1, 2013, measure prohibits estate and inheritance tax, tax on property transfers between "family members" (defined), and tax on property transferred in connection with person's death. Measure allows state to cooperate with other states and federal government in processing and collecting those entities' estate and inheritance taxes; permit fees on probate proceedings, for processing of death certificates, and on other transactions that may occur following person's death. Measure reduces state revenues; provides no replacement. Other provisions.

Background

The death tax formula was changed during the 2011 legislative session. According to reports the tax rate previously started at 6 percent and increased gradually to a maximum of 16 percent. However, in 2011 Gov. John Kitzhaber signed House Bill 2541. The state now only taxes the amount that exceeds $1 million. The rate starts at 10 percent and has a maximum of 16 percent.[2]

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

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References