OR SB485

Creates a new estate tax exemption for "small forestland owners" who own between 10 and 5,000 acres of forestland for at least five years prior to death

Requires the decedent or family members to actively manage the forestland and maintain documentation of appropriate silvicultural or management activities for five years before and after death to qualify for the exemption

Imposes an additional tax if the forestland is sold to non-family members or if active management requirements are not met within five years following the decedent's death

Caps the estate tax exemption for natural resource property at $15 million per estate

Applies to estates of decedents who die on or after January 1, 2026, with the act taking effect 91 days after the 2025 legislative session adjourns