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OR SB764
Bill
AI Summary
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Exempts from Oregon estate tax any interest in a family-owned farm or business that the decedent held for at least one year before death, provided the interest transfers to family members
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Defines "family-owned farm or business" as any profit-seeking enterprise where 75% or more is owned by one or more family members, with "family member" meaning persons within the third degree of relation by blood, marriage, adoption, civil union, or domestic partnership
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Prohibits estates claiming this exemption from also claiming the natural resource property credit under ORS 118.140 or the exemption under ORS 118.145
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Applies to estates of decedents who die on or after January 1, 2026
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Takes effect on the 91st day following adjournment sine die of the 2025 legislative session
Legislative Description
Relating to estate tax treatment of family-owned business; prescribing an effective date.
Last Action
In committee upon adjournment.
6/27/2025