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Oregon Estate Tax Phase-Out Initiative (2012)
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Text of measure
The official ballot title is:[1]
Result of "Yes" Vote: "Yes" vote phases out estate/inheritance tax, tax on death-related property transfers, and tax on property transfers between 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/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. Measure incrementally phases out estate/inheritance tax, tax on property transfers between "family members" (defined), and tax on property transferred in connection with person's death; prohibits imposition of such taxes on property of person dying on/after January 1, 2016. Allows state to cooperate with other states and federal government in administering those entities' estate/inheritance taxes; permits fees on probate and other transactions that may occur following person's death. 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 are required to collect a minimum of 87,213 valid signatures by July 6, 2012.
See also
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