House Bill 2541, which would lower taxes for Oregonians who inherit more than $1 million, won final approval in the Legislature.
House Bill 2541, which would lower taxes for Oregonians who inherit more than $1 million, won final approval in the Legislature and is now headed to Gov. John Kitzhaber.
Under the bill, heirs would pay state taxes only on the amount that exceeds $1 million at an escalating rate that starts at 10 percent and tops out at 16 percent. Under current law, the state taxes the full amount once it passes $1 million.
The changes come amid complaints by farm and timberland owners that it’s hard to pass along their estates without liquidating part of them to cover the tax bill.
Read more at OregonLive.com.
{biztweet}Oregon estate tax{/biztweet}
