OR HB3630

Exempts interests in natural resource property (farm, forestry, or fishing businesses) from Oregon estate tax up to $15 million if held by the decedent for at least 5 years, with family member material participation during that period and the 5 years following death

Expands eligible transfer recipients to include "eligible entities" (business entities 100% owned by family members or trusts whose beneficiaries are all family members), in addition to direct family transfers

Allows property transfers between family members, eligible entities, or through like-kind exchanges without triggering the 5-year post-death holding requirement, with replacement property deemed held for the original holding period

Imposes additional estate tax if exempt property is sold outside the family or eligible entity structure within 5 years of death, or if the entity ceases to qualify due to ownership changes, with tax due within 6 months of the triggering event

Applies to estates of decedents dying on or after July 1, 2025, taking effect 91 days after the 2025 legislative session adjourns